Overview

After a separation or divorce difficult decisions need to be made about dividing up the property between you and your partner. This includes property held jointly and individually. In Family Law a property settlement means the division of property that occurs after a separation or divorce.

Property includes

• the family home;
• any other real estate;
• cars and other vehicles;
• money held in bank accounts;
• shares, superannuation and other investments;
• the value of businesses; and
• your household contents.
• It also includes debts. 

The first step is to make a list of all items to be divided between you both.

You and your ex-partner may be able to come to an agreement about your property settlement. If you do it is still advisable to have this agreement formalized either with consent orders or with a binding financial agreement. For more information see our Binding Financial Agreement topic.

If you and your ex-partner cannot agree about your property settlement then you will need to get legal advice and your case may end up in court where a Federal Circuit Judge will decide how to divide your property. Before your case can be listed for hearing you will be required to participate in mediation to try and resolve your disputes without a hearing. However unlike parenting matters it is not necessary to mediate before filing a claim at court.

There are sometimes complex issues involved in dividing property and making decisions can be very stressful as there are significant and lasting consequences. The following information details what options are available and what factors are taken into account when assessing how property is divided.

This Legal Guide on Property Settlement provides separating couples with information about the decisions that need to be made about their property. Before making important decisions it is advisable to obtain legal advice specific to your situation. LegalEagle’s™ free directory profiles all lawyers in Australia. You can use it to Find a Lawyer near you.

Please select from our Articles, FAQ and Questions & Answers sections all written by experienced lawyers. Our Glossary helps explain the meaning of any words you are unsure about. You can also Ask a Lawyer a question yourself. It is free and anonymous.

Warning: Information provided through LegalEagle™ is for general guidance. It is not legal advice. Laws and procedures referred to may change and differ between states, territories and nationally. There may also be important exceptions or qualifications. Only a lawyer providing formal legal advice can assess your particular circumstances to determine how the law will apply.

How a Lawyer Can Help

A lawyer can help you to identify how the law applies to your situation. A lawyer can also help you better understand your rights and responsibilities and what options are available to you. They can give you advice about the law and possible outcomes if you end up in court which might assist you to make decisions and to protect your financial interests. 

You will probably have a lot of questions. Your lawyer can:

• give you information and help you to understand the rules that apply to your situation and what rights or financial interests you have;
• suggest less expensive alternatives to going to court such as mediation;
• explain the court processes and procedures;
• give you advice about the strength of your case, the likely timeframes and estimated costs;
• help you to get the outcome you hope for by entering into negotiations with your ex-partner on your behalf;
• prepare your court documents and represent you in court; and
• refer you to other services that can assist you including counsellors and financial advisors.

You will give your lawyer instructions about the facts of your case and your lawyer will give you advice about your options and how the legal process applies in your situation.