We certainly hope so!
We occasionally hear people say they have done a “property settlement” with their spouse by way of a verbal agreement as they have viewed their separation as “amicable”. They may in fact have sold and divided assets of the marriage without legally formalising this arrangement.
If you both agree on how to divide property, you may finalise property settlement in two ways. You can enter into a written agreement in a form of a deed called “Binding Financial Agreement”, or you can obtain a Consent Order of the Family Court by filing certain prescribed documents. Although you are required to file documents at the Family Court Registry, neither of you are required to appear in Court.
Properly drafted financial agreements and consent orders are very difficult to challenge, and they are the most effective ways to prevent your former partner from demanding further property distribution in the future.
Avoid the hassle of costly litigation. Contact our family law department today and find out more about Binding Financial Agreements and Consent Orders.