PROPERTY SETTLEMENT

 

Does our Property Settlement Agreement
need to be documented

 

Do you have to document your Property settlement Agreement? Yes you do, if you want it to be legally binding, enforceable and recognised at law.

There are only 2 ways you can document your Agreement so that it is legally binding and enforceable:

  • Consent Orders; or
  • A Binding Financial Agreement (Separation or Divorce Agreement).

If you do not document your Agreement using either:

  • Consent Orders (submitted to and made by the Court);
  • or a Binding Financial Agreement (complying with all legal requirements):

your Agreement will not be able to be enforced and is not legally binding. 

You need to legally document your property settlement agreement if you want finality. 

If you want peace of mind of knowing that your property settlement is final and want to avoid a situation where your partner may try to renegotiate your property settlement later, then you need to document it legally. 

If you want to use some laws to save money, then your Agreement will have to be legally documented. 

If a house, unit or land is being transferred from one spouse to another you may be able to avoid paying stamp duty if the transfer is pursuant to either a Consent Order or Binding Financial Agreement. 

Similarly, if you have entered into either a Consent Order or Binding Financial Agreement you may be able to avail yourself of Capital Gains Tax Rollover relief. 

There are major risks associated with not documenting your Agreement.  Read ‘Risks of not documenting your Property Settlement Agreement’.

 

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Content By:
Michelle Beatty
MRB LAW

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