Property settlements in Victoria.

There is no automatic fifty fifty split under the Family Law Act 1975. The law works through a structured approach: identifying what is in the asset pool, weighing each person's financial and non financial contributions, including as homemaker and parent, and then considering future needs such as age, health, income and the care of children. Sections 79 and 90SM set that framework for married and de facto couples. How it applies turns heavily on the individual facts, which is why advice on your own position early is worth having before you agree to anything.

Superannuation is treated as property and can be split by agreement or by order, though it is not cash and cannot be accessed until preservation age. Assets held in one name, in a trust or in a company can still form part of the pool. Both parties have a duty of full and frank disclosure of their financial position, and that obligation applies whether a matter settles by agreement or proceeds to court.

An agreement, however fair, is not final until it is formalised. Consent orders or a binding financial agreement give you a legally enforceable outcome and access to the duty exemption available when the family home is transferred between separating couples. An informal understanding gives you neither, and can be reopened later.

Before either party can start court proceedings, the pre action procedures in the Family Law Rules 2021 expect a genuine attempt to resolve the dispute first, for example through negotiation or mediation. Time limits also apply: twelve months from the date a divorce becomes final for married couples, and two years from separation for de facto couples. Acting outside those windows needs the court's permission.