Formal property settlement – why bother?
There are some very good reasons why it is best to arrange a formal property settlement through your lawyer:
- No more claims – A formal property settlement finalises all financial claims between partners under the Family Law Act. No matter how amicable you are at the time of separation, this can change and unless you have a formal property settlement, your former partner can still make a claim years down the track – which will take into account the property you have now, not the property you had at the time of separation!
- No stamp duty – Why pay stamp duty to gain half of the house you already own half own? A formal property settlement means that the state government gives you a break on stamp duty if you are taking on the home as part of the property settlement. Even if you decide you don’t want a formal property settlement and prefer to pay the stamp duty, if you are relying on getting refinance, your lender will likely make it a condition that you get a formal property settlement.
- Superannuation shifting – If part of the deal is that superannuation is moved around between each parties’ super accounts (eg. so that you both walk away with similar super balances) this can be made possible by a formal property settlement.
Trust is a wonderful thing when everyone is still friendly (if not friends anymore). But when things become unfriendly (perhaps because of new partners on the scene, divided views about arrangements for children, child support problems), trust is usually the first thing to disappear and getting legal advice and action to pursue legal rights becomes a priority.
At Freedom Law, we keep the complex simple for you. Call us today for an obligation-free consultation to discuss the best way forward for you and your finances.
Family Lawyers Sunshine Coast
Family Law Sunshine Coast
Sunshine Coast Family Lawyers
Sunshine Coast Family Law
Best family lawyers
Sunshine Coast / Brisbane / Gold Coast