How Property Settlement Actually Works in South Australia
Separated from your partner but unsure what happens to your property? Here's how property settlement works in South Australia and the options available to you.
So, you have separated from your partner—but what about your property?
You can finalise property settlement and parenting matters by agreement in two ways: through Consent Orders, or through a Binding Financial Agreement (“BFA”).
In the event you and your ex-partner are unable to reach agreement, either party can initiate proceedings in the Federal Circuit and Family Court of Australia to seek a division of the parties’ asset pool.
Time limits for making a claim
The time for making a claim in the Family Court is as follows:
For married couples, within 12 months of a Divorce Order taking effect or a decree of nullity of marriage being made.
For de facto couples, within 2 years from when the parties finally separated, or 12 months after a BFA was set aside or found to be invalid.
I am out of time – can I still initiate proceedings?
If the time limit for initiating property settlement proceedings has lapsed, proceedings may still be commenced with the consent of both parties.
In the event your ex-partner does not consent to initiating proceedings, you may be able to seek leave of the Court if you believe hardship would be caused to either party or a child if leave were not granted.
Why do I need to finalise property settlement?
The purpose of Consent Orders or a BFA is to allow you to collaborate with your ex-partner in the asset-division process on your own terms, and to provide you with some certainty that your ex-partner will not make a future claim to your assets.
At Terese Wacyk Legal, we can help you understand which pathway suits your circumstances and guide you through finalising property settlement or initiating court proceedings.