A divorce is the legal dissolution of a marriage by a court. Parties need to be separated for 12 months before they can apply for a divorce. Whilst it is important to get a divorce, you may need to be thinking about a property settlement, which is the severing of the financial relationship of the parties. Dividing assets such as a house, car, superannuation or other monies is a property settlement. The division of assets of the parties is determined on contributions made by each party throughout the relationship. The length of a relationship can also be a significant factor.