Property settlement is the process of dividing assets, liabilities, and financial resources after separation. Even when people agree in principle, confusion often arises around what is included and how outcomes are assessed.
What is usually included?
- Property and savings
- Debts and liabilities
- Vehicles and personal assets
- Business interests
- Superannuation (often significant)
How outcomes are generally considered
Property settlement commonly involves identifying the pool, considering contributions (financial and non-financial), considering future needs, and checking that the outcome is just and equitable.
Formalising matters
Informal agreements can be risky. Formalising through consent orders or a binding financial agreement can help provide enforceability and reduce future disputes.
For a full overview
Time limits:
Property settlement time limits after divorce