Yes there are time limits and this is why it is important to try and sort out all property settlement with your ex-partner as soon as possible after the separation.
If you were in a de facto relationship, you have 2 years from the date you separated with your ex-partner to prepare a property settlement.
If you were married, then you have 12 months from the time the divorce is finalised to make a property settlement.
If you do not apply within these time frames, you will need to apply to the court for an extension of time. It is important to note that the Court does not always grant this extension.