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. This is done by drafting a document known as a 'Draft Consent Orders' and lodging it at the Court along with an Application for Consent Orders.

There are no court fees to do this and you do not need to go to court. The Court, however, recommends that you obtain legal advice regarding the wording of the Draft Consent Orders and states that "If you do not comply with the Family Law Act and Family Law Rules, your Application for Consent Orders may be delayed or refused." The criteria the Court uses for assessing your application can be found here.

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.

For help with your property settlement including advice on applying for Consent or Final Orders please contact Pamela Holliday & Charlotte Boyd.