I’ve separated from my partner, but we’re still friends. Do I really need a property settlement?
Separating from your partner is difficult enough without having to navigate the complex legal framework surrounding separation and divorce.
Many couples can reach their own agreement as to how to divide property, and they may think this is the end of the story. However, there remains questions such as what happens if one party reneges on your deal, wins the lottery, or receives a large inheritance? In the event of any of the above, the agreement is not enforceable, and there would nothing to prevent a party from making a claim on the other’s assets.
Coutts understands the balance between achieving a fair settlement and maintaining amicability between the parties. We provide personal and tailored advice as to whether an agreement reached between parties is just and equitable within the scope of the Family Law Act. We often represent one party in the matter and liaise with the other unrepresented party to finalise an agreement, so that only one set of legal fees are incurred.
At Coutts, we generally recommend finalising your agreement by Consent Orders. This document confirms your agreement in writing, is signed by both parties, and is then sent to the Court to make binding Court Orders. Consent Orders finalise your financial relationship, so that no further claims can be brought. You do not need to attend Court for this process, and as a result your agreement is now enforceable should any problems arise in the future. Additionally, Consent Orders provide an exemption to paying Stamp Duty if you wish to transfer a property into yours or your ex-partner’s sole name. In the majority of cases, the cost of Consent Orders is far less than the eventual cost of Stamp Duty.
Whether you are already in agreement as to how to divide your property, or need a little help working it out, please contact Coutts to book in an initial appointment so we can talk you through the process.
For further information please don’t hesitate to contact:
02 4607 2147
This blog is merely general and non specific information on the subject matter and is not and should not be considered or relied on as legal advice. Coutts is not responsible for any cost, expense, loss or liability whatsoever in relation to this blog, including all or any reliance on this blog or use or application of this blog by you.