Property Settlement – Don’t run out of time
Under the Family Law Act strict time limits apply in relation to claims for property settlement and spousal maintenance.
In rough terms you have two years from separation (or 12 months from a Divorce) to make a claim.
The Family Law Act does allow for extensions of time in certain circumstances, on the basis that hardship would occur if an extension of time were not granted. There still needs to be some explanation for the delay, and extensions are not granted lightly.
While the possibility of an extension exists, an extension for a property settlement or spousal maintenance claim may not be granted, and therefore it is prudent to commence court proceedings within the 2 year time period rather than taking the chance that an extension will be granted.
The time limit does not mean that proceedings must be finished within 2 years of separation, simply that court proceedings must be filed before the time limit expires.
Macpherson Family Law are experts in property settlement in family law matters. For more detailed information click here.