Family law matters do not stay open indefinitely. There are time limits for bringing a property settlement or a maintenance claim, and missing them can cost you the right to pursue a claim at all. For a business owner with a complex asset pool, those deadlines are worth planning around from the start, because the work needed to value a business and organise disclosure cannot be done overnight.
The limits for married couples
If you were married, you generally have twelve months from the date a divorce order takes effect to apply for a property settlement or spousal maintenance. Before a divorce is granted there is no deadline in the same way, so many couples resolve their finances before applying for the divorce. Once the order takes effect, though, the clock starts, and the settlement should not be left to drift.
The limits for de facto couples
If you were in a de facto relationship, you generally have two years from the date of separation to apply for a property settlement or maintenance. Because separation dates can themselves be disputed, particularly where a couple has separated under one roof, it is sensible to get advice early rather than assume you have plenty of time in hand.
What happens if you miss the limit
Once a time limit has passed, you generally need the court’s permission to bring a claim out of time, and that permission is not guaranteed. It depends on the circumstances, including the reason for the delay and the hardship that would result if a claim could not be brought. Relying on it is risky and adds cost and uncertainty, so it is far better to act within time.
Why owners should act early
For a business owner, valuing a business, trusts, investment properties and self-managed superannuation takes time, and sound disclosure cannot be rushed. Starting well before any deadline means the valuations and records are in order, which strengthens your position, keeps expert costs down, and avoids a scramble as a limit approaches.
Finalising within time
An agreement reached within time should still be formalised, through consent orders or a binding financial agreement, so it is binding and final. Reaching an understanding but never documenting it can leave the door open long after you thought the matter was settled, which is a particular risk where a business keeps changing in value.
How a specialist keeps you on track
A specialist family lawyer fixes the key dates at the outset, the date of separation and, if a divorce has been granted, the date the order took effect, and works back from the relevant deadline. For a business owner that usually means starting valuations and disclosure early, so the evidence is ready well before any limit. It also means deciding early whether to resolve the finances before or after applying for the divorce, since that choice affects which clock is running. Getting this planning right removes the risk of a rushed, weaker settlement or, worse, losing the right to claim because a date slipped by unnoticed. Where a matter genuinely cannot be finalised in time, the same lawyer can move to protect your position before the limit passes rather than after. That forward planning is worth far more than any attempt to rely on an out-of-time extension, which the court is never bound to grant.
As the largest team of specialist family lawyers in WA, Leach Legal helps business owners deal with settlements within time and protect their position. Book a consultation to check where you stand.
