You may not know the difference between the term property settlement and divorce. You’re not alone, I hear it all the time. A divorce and a property settlement are two separate legal processes. You can file for divorce either online or in-person by bringing an application with the Federal Circuit Court in order to legally sever your marriage.
The only grounds for divorce is where your relationship has broken down irretrievably, and there’s no reasonable likelihood that you and your partner will get back together again. Once the divorce order is made, you’re free to remarry. On the other hand, your property settlement is the formal division of your property following the separation from your partner. This could include things such as the family home, cars or money in the bank.
You can formalise your property settlement by consent or if you and your partner are unable to agree, you can apply to the court and ask the court to determine the division of your assets. One other thing, you don’t have to file for divorce in order to formalise your property settlement. However, if you do file for divorce and a divorce order is made, you have 12 months to commence proceedings for property division. If you need assistance with your property settlement or with your divorce. Feel free to contact us here at Turnbull Hill Lawyers.