Yes. You do not need to be divorced before obtaining a property settlement. Both securing a divorce and obtaining a property settlement are two separate matters, and you do not need one to get the other. However, it should be noted that until a divorce is granted, the time limitation for initiating property settlement proceedings doesn’t begin.
You could be separated but not divorced for ten years and still not have finalised your financial separation. Leaving a lengthy period between your separation and property settlement could significantly impact your settlement, particularly if you have accumulated superannuation or other assets in that time. Once you are divorced, you will only have 12 months to finalise a property settlement.
We recommend getting a property settlement done as soon as possible. The Family Law Act 1975 (Cth) requires that you have been separated for 12 months to apply for a divorce. However, a property settlement you can do at any time, as soon as the very next day after your split.