In Australia, What Is The Average Property Settlement After Divorce?

January 3, 2023    divorcelawyersperthwa
In Australia, What Is The Average Property Settlement After Divorce?

Divorce and separation rates have changed worldwide and have increased for the worst. There are many marriages where you will find that it ultimately ends up in divorce. This can be attributed to several cases, be it financial issues, substance abuse, domestic abuse, moral differences, infidelity and many more. At times, you will find that couples simply separate. And Australia is no exception to this.

Before you choose to search property settlement lawyers, you must know that around 49000 couples were granted divorces in 2020, and as per statistics, 19 among 1000 residents usually end up in divorce in Australia.

In such a case, you may wonder how assets are divided during a divorce in Australia. In this guide, you will learn more about how property is settled after divorcing in Australia.

What Must You Know About Divorce Settlement In Australia?

Before you know more about a divorce asset split, you must know more about the divorce laws in Australia. The act for the principle of a “ no-fault divorce was established in Australia in 1975. You also must know that you need not be divorced before getting your assets divided in Australia. After separation, you can settle the properties and split your assets any time you want.

If a couple has to be granted a divorce, they must submit evidence that they have been separated for around 12 months before filing the application. In this case, the court will have no say on the reason for divorce. It only considers the following two factors:

  • The two parties have no intention of getting back together.
  • It has been around a year since the marriage broke down.

To make things more simple, the Australian court is not going to interfere. If any of the parties announce that they want to get out of the marriage if the separation is proven. After this, you may want to know how the assets are divided in Australia.

Options For Division Of Assets In Australia

It is important to be practical and to think about your financial interests. Couples usually opt for property settlement lawyers Perth in such cases, and couples who are going through a divorce in Australia have four options for the division of assets. These include the following:

  • A Non-Legal Agreement

This is an option that is mostly preferred when the divorce between the couples is amicable. Both parties usually come to a mutual agreement about who acquires what without the aid of any legal documents. You must remember that no legal documentation is involved. One of the parties can also attend court to acquire the financial orders per the Family Law Act.

It is not surprising that most divorced couples in Australia usually evade this arrangement. The top lawyers are generally known to advise their clients against not documenting the legal arrangement. This is an important thing you must know in this case.

  • A Binding Financial Agreement

This legal document can be signed by the Australian couple at any point in their relationship. They can do this before the end of their relationship, when the relationship ends or during the relationship. This agreement usually stipulates the terms of how the assets will be divided between the couple.

The Australian court will not be able to overrule the terms unless some exceptional circumstances are involved. You must have the top property settlement lawyers Perth get involved in this type of agreement. You can also read more about binding financial agreements on the internet.

  • Consent Orders

These are the orders made when a divorcing couple agrees to how they want to split their assets. And submit an application form to the Family Court and Federal circuit of Australia providing more information about their asset split. The orders are usually filed in court. And a registrar reviews and approves the orders. Consent orders are also considered a common way for Australian couples to finalise their financial affairs.

  • Litigation (Taking The Matter To Court)

This one can be considered the most complicated, and in this case, the couples only go down this road when they cannot come to terms with how the assets must be divided. In the case of litigation, the Australian family court will decide how the assets and liabilities will be split.

The process of a divorce settlement in Australia takes around a year. And can also be quite expensive. In this case, the couple also has to attend court regularly, and people usually do not opt for litigation services unless there is no other option available.

In Case Of A Divorce, Who Gets What In Australia?

If the parties cannot decide how the assets will be divided. It is left up to the family court to decide. As per Australian law, there is no specific formula for any divorce settlement in Australia. Opposite to popular belief, there is no 50-50 rule. It is also more complex, as there are a variety of factors that you must consider.

They are as follows:

  • Breadwinner vs Stay-at-home parent.
  • The asset of both the parties.
  • Children and custody.
  • Length of the relationship.
  • Future needs of both parties.

Contact Divorce Lawyers Perth WA

If you and your partner are undergoing divorce and need help in separating the asset, you can take the help of top property settlement lawyers. Contact Divorce Lawyers Perth WA, to access top lawyers who can help you in such cases. You can be assured that the assets will be properly separated and there will be no issues.

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