DIVORCE PROPERTY SETTLEMENT
After separation couples need to sort out how to divide their asset pool. This is called a ‘divorce property settlement’. The only requirement for a divorce property settlement is an ‘irretrievable breakdown of the marriage. This is proved by a 12-month separation with no likelihood of reconciliation. The court does not examine whose fault it was that the marriage broke down. The divorce application will not resolve issues relating to children or property. You need to make those arrangements with a separate application. The divorce application must show you have made arrangements for the welfare of any dependent children. After separation couples need to sort out how to divide their asset pool. This is called a ‘divorce property settlement’. After separation couples need to sort out how to divide their asset pool. This is called a ‘property settlement’. The asset pool comprises all property such as houses, cars, shares, superannuation, liabilities (mortgage, credit cards) and financial...