Before negotiating a settlement, both parties should fully disclose their financial circumstances. Complete and honest disclosure helps prevent disputes and ensures the agreement accurately reflects the financial position of both people.
How Long Does a Property Settlement Take After Separation?
The timeframe depends largely on how quickly both parties reach an agreement.
If both people cooperate, a straightforward property settlement can often be completed within a few weeks once all financial information has been gathered. More complex matters involving businesses, trusts or disputed valuations may take considerably longer.
There are also important legal time limits.
- For married couples, an application for property settlement generally needs to be made within 12 months after a divorce becomes final.
- For de facto couples, the time limit is two years after separation.
Missing these time limits can make pursuing a settlement more difficult, so it is sensible to finalise your financial arrangements sooner rather than later.
How Does Property Settlement Work in a Divorce?
Understanding the overall process makes it much easier to complete your own settlement.
A typical DIY property settlement involves the following steps:
| Stage | What happens |
|---|---|
| 1 | Identify all assets and liabilities. |
| 2 | Exchange financial information. |
| 3 | Obtain valuations where necessary. |
| 4 | Discuss and negotiate how property will be divided. |
| 5 | Record the agreement in legal documents. |
| 6 | Apply to have the agreement formally recognised through Consent Orders. |
Although many couples successfully negotiate an agreement themselves, the final step is important. A verbal agreement or informal written arrangement will not provide the same legal protection as properly drafted Consent Orders.
Once approved by the Federal Circuit and Family Court of Australia or Family Court of Western Australia, Consent Orders become legally binding and provide certainty for both parties.
Can You Do Your Own Property Settlement Without a Lawyer?
Yes. Many couples are able to complete a property settlement without a lawyer, particularly where:
- both parties agree on how assets should be divided
- finances are relatively straightforward
- there are no concerns about family violence or financial abuse
- each person is willing to provide full financial disclosure
- both parties wish to avoid unnecessary legal costs
Preparing the legal documents yourself can save thousands of dollars compared with traditional legal representation.
However, a DIY approach is not suitable for every situation. Professional legal advice should be considered if:
- significant disagreement exists
- there are complex trust or company structures
- one party refuses financial disclosure
- there are concerns about coercion or pressure
- international assets are involved
Knowing when professional assistance is needed is just as important as knowing when you can confidently complete the process yourself.
How to Do Your Own Property Settlement
If you are ready to proceed yourself, following a structured process helps minimise mistakes.
Step 1: List Everything You Own and Owe
Prepare a complete list of assets, liabilities and superannuation.
Include current values wherever possible.
Step 2: Gather Supporting Documents
Collect:
- bank statements
- mortgage statements
- superannuation balances
- property appraisals or valuations
- loan documents
- investment statements
Having organised records makes negotiations much easier.
Step 3: Reach an Agreement
Discuss how property should be divided.
Remember that fairness does not necessarily mean a 50/50 split. The agreement should reflect each person’s contributions and future circumstances.
Step 4: Prepare Legal Documents
Once agreement has been reached, the terms should be accurately recorded in the appropriate legal documents. In Australia, the document is prepared in an Application for Consent Orders. The application is available for free to download from the Family Court website. The application does not include the Minute of Consent Orders which is effectively the document that becomes the binding court order. The Minute of Consent Orders is personal to you and your circumstances. Sample Minute of Consent Orders and Minute of Consent Orders templates can be purchased through Legal Aspirations. If you are wanting to prepare a tailored Minute of Consent Orders to reflect the agreement reached between you and your ex, our do-it-yourself system can help.
Our DIY tool can significantly simplify the process by guiding users through a structured questionnaire and generating the personalised Minute of Consent Orders for you.
Step 5: Apply for Consent Orders
Submitting your agreement as Consent Orders allows the court to review the proposed settlement.
If satisfied the agreement is just and equitable, the court will make orders that become legally binding. In this context, just and equitable means ‘fair’.
Common Mistakes to Avoid
Even when couples agree, mistakes can create problems later.
Some common issues include:
- forgetting to disclose all assets
- relying on outdated property values
- overlooking superannuation
- using informal written agreements
- failing to formalise the settlement
- delaying the process until legal time limits become an issue
Taking the time to complete each step carefully reduces the likelihood of future disputes.
Why Formalising Your Agreement Matters
Many separating couples believe that once they have agreed verbally, the matter is finished.
Unfortunately, informal agreements generally do not prevent future claims.
Formalising your property settlement through Consent Orders provides certainty, creates enforceable obligations and helps protect both parties from future disputes regarding property division.
It also provides greater confidence when refinancing loans, transferring property or selling assets in the future.
Final Thoughts
Learning how to do your own property settlement can save time, reduce legal costs and allow separating couples to move forward more quickly where agreement has already been reached.
The key is following the correct legal process: identify your assets, exchange financial information, negotiate fairly, prepare the necessary documents and formalise the agreement through an Application for Consent Orders.
If you and your former partner have already agreed on the division of your property, the Legal Aspirations DIY questionnaire helps guide you through the process and generates the documents needed to apply for legally binding Consent Orders.
Frequently Asked Questions
Can I complete a property settlement before getting divorced?
Yes. Property settlement can usually be negotiated and formalised before a divorce is final.
Is a 50/50 property split automatic?
No. Australian family law requires a division that is just and equitable, not necessarily equal.
Can we agree on everything ourselves?
Yes. Many couples successfully negotiate their own agreement before formalising it with Consent Orders.
Do Consent Orders require going to court?
Usually not. Most applications for consent orders are considered by the court on the documents filed, without either party attending a hearing.
Is superannuation included in property settlement?
Yes. Superannuation forms part of the overall property pool and may be divided through a superannuation splitting order.
For examples of Minute of Consent Orders and Consent Order templates, click on the link below:
Minute of Consent Orders and Consent Order templates
To get started on a personalised Minute of Consent Orders, click on the link below: