What it means
A property settlement is the legal division of a separating couple's assets and liabilities — including real estate, savings, superannuation, businesses and debts. It is a separate process from divorce, and there are time limits for bringing a claim (generally 12 months after a divorce, or two years after a de facto separation). The court follows a structured approach: identifying the asset pool, assessing each party's contributions, considering future needs, and deciding what division is just and equitable. There is no automatic 50/50 split.
How it's used
Their property settlement divided the house, two cars and both superannuation accounts, leaving each with a roughly equal share.