If you have separated from your partner (whether you were married, are now divorced or were in a de facto relationship), it may be important to formally document the financial separation and division of the assets between the two of you. This is particularly important for parties with assets of significant value, including property, and superannuation.
After a separated couple have come to an agreement on how to divide their assets, they may be advised to consider entering into a legally binding agreement, and most commonly, Consent Orders (which is a Court Order, made by the consent of the parties, on application to the Court).
The advantages of having an experienced family lawyer document your asset separation include:-
Protecting both parties that their assets (once divided), will be legally protected in the future from any claim from their former spouse.
Each party will have certainty that their agreement will be ‘followed through’ – assets will be ‘divided’ or transferred, settlement payments made or superannuation splits made, within the agreed timeframe.
Significant savings on Stamp Duty and Titles Office registration fees – parties who document their financial separation in the form of a Consent Order or a Binding Financial Agreement will usually be exempt from paying transfer duty (stamp duty) or registration fees on the transfer of any real property (land) between the parties to the agreement.
Superannuation is able to be ‘split’ between the spouses – this can only occur when parties have a legally binding agreement or Court Order.
Final separation – a legal agreement will see the joint financial interests of the parties finally come to an end, so that they can each more forward with their lives.
How much will it cost? The cost to prepare a legally binding agreement or Court Order will usually depend on the complexity of the assets of the parties, the nature of their agreement, and whether any negotiations may be needed in order to reach an agreement.
If you wish to obtain advice about how to document your financial separation, please contact us for an initial consultation at a fixed fee of $330.00 (including GST) for up to 1hour.