Time Limits for Arranging a Property Settlement and What Happens if Time Runs Out?

A property settlement is the formal division of a couple’s assets following separation. It is important to be aware that time limits apply to getting these arrangements completed. Having a time limit on the process provides a degree of certainty that a former partner will not be pursuing claims some time later.

What time limits apply to property settlements?

The Family Law Act provides that married couples have 12 months from the date of a final divorce order to file an application for a property division. For de facto couples, the time limit is two years from the date of separation. Having a record of the date of separation is important.

Exceptions to the rule on time limits

The Family Court has the discretion to accept an application filed out of time. To exercise their discretion, the Court must be satisfied that hardship will be caused to the applicant (or a child) if leave were not to be granted. Among other matters, it will also consider the length of the delay, the reasons for the delay, whether there is a case worth pursuing and if there is a real chance of succeeding.

Contact our Family Lawyers in Sydney NSW

Time limits for arranging a property settlement emphasise the importance of timely expert advice. If you require advice about your property settlement, please call Szabo & Associates Solicitors on 02 9281 5088 or fill in the online contact form.