The importance of dividing the properties is to end the financial relationship between two parties. It is noteworthy however that property settlements do not only apply to divorced individuals. It could also apply to those married and in de facto relationship.
While the length of a marriage is an important factor, a property settlement pertains to all assets and liabilities between the two. This means the Court has the power to alter the interests of each party after thorough assessment of the property’s value, individual contributions, future needs of the party, and consideration whether the settlement being proposed is just, reasonable, and equitable.