You might be happy with the informal agreement you have reached with your former spouse. You may even have moved on and divided your assets accordingly. However, what you may not realise is that, without proper formalities, your former spouse can come back months or even years later demanding more from you.
It is important to formalise your agreement. The advantages are:
Applying for Family Court consent orders in most instances is simple and cost effective. We offer a fixed fee service for the preparation of your application for consent orders. By engaging a lawyer to formalise your agreement, you can have peace of mind that your agreement will be skilfully drafted and reflect your intentions.
Consent orders are binding on the parties. If a party does not comply with the orders, the other party may apply to the Court to enforce the orders.
Reaching a mutual agreement significantly reduces the financial cost, time and stress of Court proceedings both on you and your family.
A consent order that formalises your agreement gives you peace of mind that there is finality to your financial relationship with your former spouse, it allows you to move on and ensures that your former spouse does not come back in the future for another settlement.
Provided your agreement is deemed just and equitable by the Court, you get to decide exactly how you separate your financial affairs. By contrast, in contested legal proceedings, there is an element of uncertainty – the division of your assets is left to the Court to decide.
Where there is real estate being transferred from joint ownership to sole ownership by one of the parties as part of your agreement (or from one party to the other), the party receiving the property will pay only $20 in transfer duty.