If you’ve recently been divorced or separated from your de facto partner, you may be wondering if there is a time limit you must adhere to bring an Application for your property settlement.
The short answer is, yes there is.
If you have been divorced, you have one year from the date of the divorce to lodge an Application. So if you have not yet divorced, or are still in the process, the time limit has not yet commenced.
In the case of a de facto relationship, you have two years from the date of separation to lodge an Application.
What if you missed the time limit?
If you miss the time limit, you can seek permission of the Court to get an ‘extension of time’. This requires a formal Application to the Court.
In assessing your Application the Court will take into account the reasons for delay in issuing proceedings and will only grant an extension if not doing so may cause hardship to one or both of the parties. This will also likely incur additional expenses, as it is a separate hearing to determine if the Application should proceed.
There is no guarantee the court will allow the extension of time. It can also make negotiation more difficult, as there is less to compel the other party to proactively engage in negotiations. You may also have to include any windfall, inheritances, purchases, losses or gifts that were acquired after the separation in the asset pool
It’s important to get proper legal advice when looking to bring a Property Settlement Application. Sriyani from Hume Taylor & Co can assist in all your property settlement and other family related matters. Give her a call on 8223 3199 to make an appointment today.