Out-of-Time Property Settlements
Property settlement plays a pivotal role in the dissolution of relationships, and the timely resolution of property matters is essential for a smooth transition and a fair distribution of assets.
However, circumstances may arise where property settlements occur outside of the prescribed timeframe.
Application for Property Settlement Out of Time
Property settlement in Australia typically involves the division of assets between spouses after the breakdown of a marriage.
The Family Law Act 1975 outlines the framework for property settlements, emphasising a just and equitable distribution.
However, there are instances where parties may miss the statutory time limits for filing an application for property settlement.
The time limit for filing a property settlement application is 12 months from the date of divorce.
If this timeframe elapses, parties may still pursue a property settlement, but they must seek the Court’s permission.
To succeed in obtaining leave, the party must demonstrate hardship or significant reasons for the delay.
The Court will consider various factors, including:
- financial contributions,
- non-financial contributions, and
- future needs of the parties.
It is crucial to note that while the Court may grant leave for an out-of-time property settlement, it is not an automatic entitlement.
De Facto Property Settlement Out of Time
De facto relationships, recognised under the Family Law Act, involve couples who live together in a genuine domestic partnership without being married.
Property settlements for de facto relationships follow a similar legal framework to those of married couples.
The time limit for filing a de facto relationship property settlement application is two years from the date of separation.
When this timeframe is exceeded, parties must seek the Court’s permission to proceed with the property settlement.
To obtain leave for an out-of-time de facto property settlement, the parties must establish that they have suffered a significant injustice due to the delay.
The Court will assess contributions, financial and non-financial, as well as the future needs of the parties to determine the appropriateness of granting leave.
Example: Property Settlement after 10 years
Consider a scenario where a couple decides to address their outstanding property settlement matters after 10 years of separation.
In this case, well beyond the statutory 12-month time limit, the parties may face challenges in obtaining the Court’s approval for their delayed application.
To succeed, they must present compelling reasons for the extended delay and demonstrate the hardship or significant injustice suffered during the prolonged period.
The Court will meticulously evaluate the financial and non-financial contributions made by each party throughout the relationship, as well as their current and future needs.
While achieving a successful property settlement after such a lengthy period is challenging, it underscores the importance of seeking legal advice promptly.
Professional Guidance for Out-of-Time Property Settlements
Handling out-of-time property settlements effectively requires expert legal guidance.
Our law firm specialises in family law, providing tailored assistance to individuals seeking resolution after the expiration of statutory time limits.
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Out-of-time property settlements are subject to the Court’s discretion.
Standard property settlements after divorce and de facto property settlements share common grounds but require specific attention to the unique circumstances surrounding each case.
For more information about out-of-time property settlements, contact us at Bambrick Legal today. We offer a free, no-obligation 15-min consultation for all enquiries.
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