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If you've already agreed on a settlement deal with your former partner, you need to record your understanding in a legally binding document. That gives you both certainty and protection for the future. Without a legally binding agreement, one of you could change your mind in the future and seek more money from the other. So you can think of a legally binding settlement like insurance - a small amount you spend now to prevent a disaster down the track. Formal legal documents are also required if your intended deal involves a superannuation transfer between you. In most cases, they allow property transfers between you to be exempted from stamp duty. And banks usually require formal documents before they approve a re-finance. Even If You're Amicable, You Still Need FormalitySeparated couples need finality, which means proper financial separation.
You might carry on for a few months after separation with your financial affairs still joined, but that can't last. Until you formalise who will keep what, your life can be locked in limbo. Until an agreement is properly documented under The Family Law Act, it’s simply not binding. So years later your spouse can change their mind - maybe encouraged to do so by a new partner that neither of you have yet met. Do It ProperlyWhy We Are Your Best OptionPreparing an Application for Consent Orders or a Binding Financial Agreement is not simple.
Just the Form itself for Application for Consent Orders is 76 sections long and there aree other documents required also. Frankly, it can be a real pain to complete! But we do hundreds of these, so you can lean on our experience. There's another vital reason to ask us to help: Even when they think they've agreed on terms, most couples end up bickering as they go through the documentation. Sometimes their "deal" falls apart. At Divorce Partners we act for both of you. So we often become the diplomatic go-between to calm things down, sort out the minor niggles and get the job done. Some people think they need to go to lawyers for their documents. We include lawyers in our process, but only at the end. When all the myriad details have been captured, documented and checked (and any remaining arguments sorted out), that's when we ask a law firm from our panel of law firms to review it all. Maybe your wealth is tied up in a house or super or investments. And maybe you even have a verbal agreement. But you quite rightly can't just release that wealth between you without total certainty that your "deal" is real - and final - and can't be overturned later. Just signing a contract, even one witnessed by a JP, is not legally effective. There is a cut-off for claims 12 months from the date of divorce, but your spouse can still apply to have the court waive the rule - for example, if you win lotto or build a new business or they get very ill in the future. And courts have the authority to do just that. Maybe your wealth is tied up in a house or super or investments. And maybe you even have a verbal agreement. But you quite rightly can't just release that wealth between you without total certainty that your "deal" is real - and final - and can't be overturned later.
Just signing a contract, even one witnessed by a JP, is not legally effective. There is a cut-off for claims 12 months from the date of divorce, but your spouse can still apply to have the court waive the rule - for example, if you win lotto or build a new business or they get very ill in the future. And courts have the authority to do just that. Test link - click here to download our Guide - How to Formalise a Settlement and Keep Things Civil! UPLINK URL ANOTHER LINK Do A Quick CheckMost separating couples formalise their settlement arrangements through "Consent Orders". That's the easiest, least expensive and safest way to protect yourself.
If you want to read more about why Consent Orders are the smartest option, click here to learn more. If you like, take 2 minutes to run through the interactive Q&A "Formalising Settlements" to see whether your deal is suitable for Consent Orders: Have Questions?You probably have questions and we'd be happy to help you understand more about how Consent Orders work and the process we use to get them prepared. So send an enquiry or book a chat.
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