After separation, parties may have reached an amicable arrangement in relation to the division of assets, the payment of child support, spousal maintenance or parenting matters without the need for consulting lawyers.
However, any arrangement is not final or binding until your formalise the arrangement by obtaining Consent Orders (or in relation to financial matters, entering a Binding Financial Agreement, if necessary or preferable).
You should be able to avoid the payment of stamp duty on the transfer of property by formalising your agreement before assets are transferred by one party to the other. There is also CGT rollover relief that may be afforded to many couples who see to the transfer of investment properties between them as part of their property settlement.
You are able to apply to the Family Court of Australia for Consent Orders in situations where you have reached an agreement in relation to financial and/or parenting matters.
An application for Consent Orders is submitted to the Family Court in the prescribed format and must also include the proposed orders setting out the arrangement / agreement. It is a relatively easy, straightforward and cost-effective process.
We are able to assist you in drafting your Application for Consent Orders together with the Consent Orders. There are many safeguards that we can put in place in the documents to afford you protection of possible future claims made by your spouse.
Worthy of note is that, notwithstanding parties may reach agreement about their property settlement of parenting arrangements, the Family Court is not compelled to approve the agreement unless it provides for a ‘just and equitable’ result in property settlement, or is in the children’s ‘best interests’ in parenting matters. We can provide you with advice on whether the Family Court will accept your proposed agreement between you and your former spouse. It is what we do, day in and day out.
At Taylor & Scott “ We Care For You.”