Property settlements and financial arrangements requirements
Upon the completion of a family law or de facto settlement, property settlements and other new financial arrangements often need to be made.
The Court’s power to make relevant orders for property settlement is provided for in Section 79 of the Family Law Act. It is important to note that there is a 12 month time limit from the date of your divorce within which to commence proceedings to finalise your property settlement. It is important to negotiate a property settlement at the time the divorce is finalised, because without a complete property settlement, former spouses might retain an unexpected influence over transactions sometimes years following the divorce, which can contribute to considerable stress and difficulty.