AGREE TO AGREE

There is an increasing trend towards couples amicably negotiating an agreement for the division of their property pool and making arrangements for the future care of any children of the relationship (following the breakdown of their relationship), often without legal advice or intervention.

This approach can help people to avoid what can be an inflammatory and costly (emotionally and financially) family law system, and sets the scene for effective co-parenting following separation and divorce.

As with anything that involves our legal system there are cautionary tales to be aware of if the agreement is not properly documented.

For instance, you could be vulnerable to your former partner making a further claim against you in the future, notwithstanding the agreement you have reached, if

things change — as they tend to in life.

There are also benefits in formalising your agreement in a legally enforceable way, including access to tax exemptions.

There are two ways to finalise your financial agreement, being: Consent Orders; and Financial Agreements.

Consent Orders

These orders are sought by completing an application, preparing a minute of order and lodging this in the Court for approval.

The proposed order is subject to approval by a judicial officer of the Court who must be satisfied that any property settlement is just and equitable before granting the order.

There is no need for an appearance at Court, and an order will be issued in due course if your application is successful.

Financial Agreement

A financial agreement is a contract that can be made before, during, or after matrimonial and de facto relationships.

It can be quicker to enter into a financial agreement rather than incur the delay associated with having consent orders considered and made by the Court as they do not need the Court’s approval.

However, each party must seek independent legal advice before execution.

Our team often assists separating couples to document their agreement, so that it can be formalised and made legally enforceable.

Contact us to find out about any specific factors that could impact your agreement and how we can assist you.