That’s great news that you have agreed on your property settlement! You will avoid the delays (and expense) of negotiations and the litigations through Court, plus you have an outcome that will work for you.
However, this is not the end of the process. You still need a lawyer to draw up formal documents for you. If your agreement is not formalised you leave yourself open to the risk that if your circumstances change, your ex-partner can still make an Application to the Court for a property settlement in the future, and it may not be the same one you both agreed on!
If there are no formalised Court documents, (such as a properly executed Binding Financial Agreement or filed Consent Orders) your ex can still make an Application to the Court for a property settlement, as long as it’s within the statutory time limits. i.e. until one year has passed from the date of divorce, or two years from the date of separation in a de facto relationship.
Along with protecting your rights, properly executed documents will help you avoid charges such as stamp duty and allow you to easily divide your superannuation entitlements. If you have any questions or would like to speak to someone in our office about your property settlement, please email me at firstname.lastname@example.org or call the office on (08) 8410 9294. Adelaide Legal, Expect More.
Written by Ellie Douglas, Associate Lawyer.