NSW Divorce - Applying for Financial and Property Settlement?

[MarkLiu]

Hi everyone,

Could I ask a question?

My wife has applied an application for divorce and the hearing is in 3 weeks. At the moment, can we apply for financial and property settlement to the court? If yes, how can we do that? Or do we have to wait until the court judge the divorce?

Thanks a lot.

 

[Sarah J]

Hi Mark,

You can apply for property and financial settlement at any time after separation. In fact, the earlier the better.

Here are some resources that can help you:
- Legal Services NSW: Family Law - financial division
- Legal Aid Qld: Dividing your property
- Family Law Courts: Property and Money Matters

Essentially, you would be applying to the Family Court of Australia in your state. The court will look at all your assets, including joint and individual assets (e.g. any money left to you under a will, amount in your personal bank account) and split according to what is "just, fair and reasonable". The court will consider many factors when doing this, including (Family Law Act 1975 (Cth) s 79):

- Value of the property (at date of application/hearing);
- How much each party contributed to the property;
- Parties' present and future needs (e.g. income and earning capacity, children);
- Whether the proposed division is just and equitable in all the circumstances.

 

[MarkLiu]

Hi Sarah,

Thank you for your help.
Thanks.