You don't have to be
divorced to do a property settlement. You should do it sooner
rather than later.
In fact, once you're divorced you only have 12 short months from
this date to either finalise your property settlement by way of a
formal agreement or otherwise commence court action.
Once this 12 month time limit runs out, if you and your spouse
have not reached an agreement, you will no longer have the
automatic right to take the matter to court.
This can cause big problems as you may then find yourself in a
position where you cannot resolve the matter with your spouse and
cannot ask the courts to intervene either.
If you find yourself in this position, your only option is to
apply to the court for an extension of time to commence a court
action, however, there is no guarantee that an extension of time
would be granted.
Applying for an extension of time is certainly not ideal and adds
unnecessary complexity, and stress, not to mention further expenses
to the matter.
Therefore, it is usually better to resolve your property
settlement first and apply for a divorce once this is complete to
ensure you do not end up in this situation.
In some circumstances, where the time limit has run out and an
extension of time has been refused by the courts, people may
forever lose their claim to property. Remember, the courts will not
automatically grant an extension of time.
We have an experienced team in our Family Law practice that can
help you with your property matters as well as any other Family Law
inquiry or issue you may need assistance with. You can
freecall them on 1800 653 655 or visit our Family