A Property Settlement is the process of deciding who gets what. That is how your property, superannuation, financial resources and liabilities should be shared between you and your spouse.

While you and your spouse can simply divide your property through an informal agreement it will not be legally binding. Legal experts including Legal Aid organisations do not recommend informal property settlements as they are open to later disputes.

To make your agreement legally enforceable you convert it into what are known as Consent Orders.

There is an $80 fee to lodge Consent Orders but you do not need to go to court. Once granted your Consent Orders have the same legal weight as any other Court Order.

Consent Orders must be applied for within 12 months of your Divorce Order taking effect. After this time, you need the Court's permission to apply.

Creating Consent Orders pre-supposes that you and your spouse were able to come to an agreement. If this is not the case then you will need to apply for what are known as Final Orders. (More on this topic coming soon)