How is property usually divided in the case of a divorce?
Spouses getting divorced can finalise a property settlement at any time after separation and before either spouse has applied for a divorce. Once a divorce has been obtained, however, you only have one year within which to apply to the court for a property settlement order. If more than a year has passed since obtaining your divorce, it is necessary to obtain the court’s permission to bring the application. In most cases, parties are able to agree on how property will be divided, and can seek to have their agreement formalised by asking the court to make a consent order in the terms of the agreement. Sometimes, however, spouses cannot agree on how property will be divided and it then is necessary to apply to the court, which will consider all the property and financial resources of the parties. This may include real estate, investments, interests in companies, family trusts, life insurance and superannuation. In making a fair division of property, the court will consider each spouse’s
