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As soon as you have separated you can make arrangements to split your property and debts between you and your ex-partner, you do not have to wait until you are divorced.
No, not at all. If you have already agreed on how things should be divided between you, your lawyer can draw up the document which will finalise the arrangements, and then get underway the legal processes which will split the assets.
There is an established process in cases where there is disagreement over how property should be split. Firstly, the court needs to be satisfied that you have attempted to reach an agreement, and to this end, you will be ordered to participate in dispute resolution. If this doesn’t resolve the matter, then an application for property orders must be filed with the Family Court or Federal Magistrates Court. This application must be made within 12 months of your divorce becoming final.