You will need to divide your relationship property when you separate or divorce.
There are 3 ways to divide your relationship property:
You can agree between yourselves how to share your property and the court doesn’t have to be involved. If you want to be able to enforce the agreement through the court, your agreement must be in writing and both of you must have had independent legal advice.
If you are undertaking Family Dispute Resolution mediation to help you agree on how you'll care for your children, you can talk about how you will divide relationship property, if it helps you agree on your plan for your children. Write down what you have agreed and make sure you both get independent legal advice.
If you can't agree or if you believe your arrangement is unfair or doesn't work, the Family Court can identify the relationship property, review property valuations you provide and determine an agreed value and how it will be divided between you and your ex-partner. The court will put this in a Relationship Property Order. You’ll need to apply within one year of your divorce or within three years from the end of your de facto relationship. You can ask the court for permission to apply if you miss this deadline.
The Family Court can make orders dividing relationship property when you’re married or in a civil union or in some cases a de facto relationship.
In some cases, the court might order one of you to pay maintenance to your ex-partner to help cover their costs of living. This might be regular payments over a set amount of time, or a lump sum payment.
Maintenance arrangements depend on your personal circumstances. It may need to be paid when the income and living standards of one person are likely to be much lower than the other person’s after the relationship ends - for example, a stay-at-home parent versus the main income earner.
Talking with a lawyer may help you understand your legal rights and obligations.