How long does a Property Settlement Take?
When a relationship ends, one of the biggest questions is often:
How long is this going to take?
You may be ready to move forward, but still have a jointly owned home, bank accounts, superannuation, investments or debts connecting you financially to your former partner.
Unfortunately, there is no single timeframe for a property settlement in South Australia. Some matters can be resolved relatively quickly, while others take considerably longer.
The timeframe usually depends on the complexity of your finances, how quickly information is exchanged, whether you agree on the value of your assets and, importantly, whether you and your former partner can reach an agreement without going to court.
Here’s what can affect the process and what you can do to help keep your property settlement moving.
Property Settlement and Divorce Are Separate Processes
First, it is important to understand that divorce and property settlement are not the same thing.
A divorce legally ends a marriage. A property settlement deals with how assets, liabilities and financial interests are divided following separation.
This means you generally don't need to wait until you are divorced before beginning your property settlement.
We explain this in more detail in Does Divorce Deal With Property Settlement? What You Need to Know.
If you're still working through the divorce process itself, our How to Get Divorced in South Australia: A Step-by-Step Guide explains what happens from separation through to finalising your divorce.
So, How Long Does a Property Settlement Take?
The answer depends largely on your circumstances.
Imagine two separating couples.
Sarah and Ben own a home, two vehicles, have some savings and superannuation. They are open about their finances, provide their documents promptly and both want to reach an agreement.
Their matter has a relatively clear pathway forward.
Alex and Jordan have a more complicated financial situation. They disagree about the value of a business, financial documents are slow to arrive and negotiations regularly stall.
Their property settlement is likely to take longer.
The difference isn't simply how much they own.
Complexity, financial disclosure, valuations, communication and the level of disagreement can all affect how long a property settlement takes.
What Happens During a Property Settlement?
While every situation is different, most property settlements involve several key stages.
1. Identifying Your Assets and Debts
Before you can discuss how property should be divided, you need a clear picture of the financial position.
This could include:
the family home and other property
bank accounts and savings
vehicles
businesses and investments
superannuation
mortgages
credit cards and loans
other assets and liabilities.
A straightforward financial position can be easier to establish. Businesses, trusts, farming interests or complicated investments may require considerably more work.
2. Exchanging Financial Information
Financial disclosure is an important part of a property settlement.
Both parties are generally required to provide relevant information about their financial circumstances.
Delays can occur when documents are missing, information isn't provided promptly or there are concerns about whether everything has been disclosed.
Practical tip: Start gathering your financial records early. Bank statements, mortgage information, superannuation details, tax records and information about significant assets can help your family lawyer understand your financial position sooner.
3. Working Out What Assets Are Worth
Sometimes the issue isn't whether an asset exists, it's what that asset is worth.
This commonly arises with:
houses and investment properties
businesses
farming assets
private companies
vehicles or machinery.
Where there is genuine disagreement about value, an independent valuation may be needed.
Although obtaining a valuation can add another step, it can also help prevent negotiations becoming stuck because each person is working from a different figure.
4. Negotiating a Property Settlement
Once there is a clearer financial picture, negotiations can progress.
This may occur directly between lawyers or through dispute resolution such as mediation.
Where appropriate, mediation services can help separating couples work through areas of disagreement without immediately asking a Court to decide the outcome.
If both parties are willing to negotiate constructively, reaching an agreement without prolonged litigation can significantly change the overall experience of the property settlement process.
5. Formalising Your Agreement
Reaching an agreement is an important milestone, but it generally should also be properly documented.
Depending on the circumstances, a property settlement may be formalised through Consent Orders or a Binding Financial Agreement.
Your family lawyer can advise you about the appropriate option for your situation.
What Can Make a Property Settlement Take Longer?
Several issues commonly cause property settlements to take longer:
Incomplete financial disclosure – negotiations may stall if important financial information hasn't been provided.
Disagreement over asset values – significant assets may need independent valuation.
Complex financial structures – businesses, companies, trusts and farming interests can require additional investigation.
Different expectations – if the parties have very different views about what a fair outcome looks like, more negotiation may be required.
Poor communication – lengthy delays between responses can make even relatively straightforward matters take longer.
Court proceedings – if an agreement cannot be reached and Court intervention becomes necessary, the process will generally take considerably longer.
Can You Speed Up a Property Settlement?
You can't control how your former partner approaches the process, but you can take practical steps to avoid unnecessary delays.
Get Legal Advice Early
You don't need to wait until negotiations have broken down before speaking with a family lawyer.
Early advice can help you understand your position, identify what information you need and determine the most appropriate next steps.
Get Your Financial Documents Organised
Gathering your financial information early can make it easier to establish the asset pool and identify any missing information.
Consider Mediation
If negotiations have stalled, mediation or another form of dispute resolution may provide a pathway towards agreement without immediately proceeding to Court.
Focus on the Bigger Picture
Property settlements can understandably become emotional.
However, spending significant time and legal costs arguing over relatively small items may not always be in your best interests.
Good family law advice can help you identify which issues genuinely matter to your financial future.
How Long Do You Have to Start a Property Settlement?
There is an important difference between how long a property settlement takes and how long you have to commence proceedings.
For married couples, applications for property settlement generally need to be commenced within 12 months after a divorce order takes effect.
For eligible de facto relationships, the general limitation period is two years after separation.
There are circumstances where permission may be sought to commence proceedings outside these time limits, but you should not assume an extension will be available.
Importantly, you generally don't need to wait until you are divorced to start dealing with your property settlement.
Moving Forward With Your Property Settlement
So, how long does a property settlement take?
There is no universal timeframe.
A straightforward matter where both parties provide information promptly and are willing to negotiate may progress much faster than a complex or highly disputed property settlement.
The best place to start is with the right information.
Gather your financial documents, understand your assets and liabilities, obtain legal advice early and consider negotiation or mediation where appropriate.
The goal isn't simply to finish your property settlement as quickly as possible. It is to reach a properly considered outcome that gives you the financial certainty you need to move forward.
If you need advice about a property settlement in South Australia, Brite Legal's Family Law team can help you understand your options and the steps involved.
Ready to understand where you stand? Contact Brite Legal to arrange a consultation with our Family Law team.
You may also find these interesting:
Does Divorce Deal With Property Settlement? What You Need to Know
Learn why divorce and property settlement are separate processes and when you should start considering your finances.
How to Get Divorced in South Australia: A Step-by-Step Guide
Understand the divorce process from separation through to your final divorce order.
This article provides general information only and does not constitute legal advice. Family law outcomes depend on individual circumstances. You should obtain legal advice relevant to your situation.
Written by Brite Legal
Reviewed by Georgia Hunter, Solicitor
Georgia is a solicitor at Brite Legal, assisting clients with family law, property settlement, mediation, estate planning and estate admin matters across South Australia.
This article has been legally reviewed to help ensure the information is accurate and up to date at the time of publication.