Matrimonial Property Settlement – We have agreed, what next?
If you are going through a separation and have agreed with your ex-partner as to the distribution of property, your next step should be to engage an experienced family lawyer to assist with the formal aspect of the agreement. If not, a claim can be reopened by either party at a later time.
There are two common ways to formalise a property agreement:
- Consent Orders; or
- Binding Financial Agreement (aka BFA)
These orders involve the preparation of two documents by both parties and their lawyers. Once the two documents are agreed and signed they are lodged with the Family Court. Once the documents are sent off, they are reviewed and accessed. If the documents are not correct, a requisition may be issued and required to be fixed before the orders are approved.
Binding Financial Agreement
The preparation of a binding financial agreement under the Family Law Act is the ideal way of formalising a property agreement. A binding financial agreement provides for the terms of agreement between both parties. If drafted by an experienced family lawyer, the binding financial agreement can be as enforceable as a consent order.
What are the benefits of a binding financial agreement?
- Property transfers are exempt from stamp duty;
- Cheaper and quicker (can be completed within 3 week vs 8 weeks + approved by the Court).
If you have agreed with your ex-partner on a property split, you should speak to an expert family lawyer as your next step. Contact one of our friendly family lawyers on 07 3808 7777 or email@example.com.