Key points
- Married couples generally have 12 months from the date their divorce takes effect to apply to the court for property orders.
- De facto couples generally have 2 years from the date of separation.
- An informal agreement isn’t legally binding. Consent orders or a binding financial agreement make it final.
- Both parties must give full and frank disclosure of their financial circumstances.
What is a property settlement?
A property settlement divides the assets and debts of a couple after they separate. It can include the family home, other real estate, savings, shares, vehicles, businesses, superannuation and debts such as mortgages and credit cards. Property settlement is governed by the Family Law Act 1975 (Cth) and applies to married couples and most de facto couples, including same-sex couples.
Time limits: don’t leave it too late
- Married couples: you generally have 12 months from the date your divorce order takes effect to apply to the court. The clock doesn’t start on separation, so if you’ve separated but not divorced, the time limit hasn’t started yet.
- De facto couples: you generally have 2 years from the date of separation.
If you miss the deadline, you need the court’s permission to apply, and that isn’t guaranteed. Getting advice early protects your options.
How the court approaches property division
There’s no automatic 50/50 split. Broadly, the law asks:
- What are the assets, liabilities and superannuation of the parties?
- What contributions did each person make? This includes financial contributions, non-financial contributions and contributions as a homemaker and parent.
- What are each person’s current and future needs? This includes age, health, earning capacity and care of children. Since June 2025, the court must also consider the economic effect of any family violence.
- Is the proposed division just and equitable in all the circumstances?
Your options for reaching an agreement
- Negotiation: most couples reach agreement directly or through lawyers, without going to court.
- Mediation or family dispute resolution: a neutral third party helps you reach agreement. Pre-action procedures generally require you to try this before starting court proceedings.
- Consent orders: once you agree, you can apply to the Federal Circuit and Family Court of Australia for consent orders. These are legally binding and enforceable, and can include superannuation splitting.
- Binding financial agreement: a private contract made with independent legal advice for each party.
- Court proceedings: if agreement isn’t possible, the court can decide.
An informal or handshake agreement isn’t binding. Either person could still apply to the court later, within the time limits.
First steps after separation
- Write down the date of separation and keep a copy of key documents, such as bank and super statements, tax returns, loan statements and property valuations.
- Be aware of your duty of full and frank disclosure. Both parties must disclose their financial circumstances.
- Think about your immediate living arrangements and how joint bills and the mortgage will be paid in the meantime.
- If there’s a risk of assets being sold or hidden, get advice quickly.
- If you’re experiencing family violence, your safety comes first. See our page on intervention orders, or call 000 in an emergency.
How we can help
Asher Freeman Lawyers helps clients across Victoria with family law and property settlements, from early advice to negotiation, consent orders and binding financial agreements. We aim to resolve matters sensibly and cost-effectively, and quote fixed fees where possible.
Frequently asked questions
How long after separation do I have to sort out property?
If you were married, generally 12 months from when your divorce takes effect. If you were in a de facto relationship, generally 2 years from separation. After that, you need the court's permission to apply.
Is property always split 50/50?
No. The court looks at the assets, each person's contributions, their future needs, and whether the outcome is just and equitable. Every case is different.
Is our own written agreement legally binding?
Not on its own. To make it binding, you need consent orders from the court or a binding financial agreement made with independent legal advice for each party.
Can superannuation be divided?
Yes. Superannuation is treated as property and can be split by consent orders, a binding financial agreement or a court order.
This article is general information about Victorian and Australian law as at 8 October 2026. It is not legal advice. Contact us for advice about your situation.
