PROPERTY SETTLEMENT

 

How do we document our Property Settlement

 

How is property settlement documented? There are only 2 ways you are able to document your property settlement agreement so that it is legally enforceable and binding:

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

Sometimes people think if they write out their property settlement and both sign it, both sign a Statutory Declaration etc, then their property settlement agreement may still be valid and enforceable. 

Unfortunately, there are no short cuts. 

If you do not document your property settlement agreement using either Consent Orders or a Binding Financial Agreement, it will not be valid, binding or enforceable.

You can use either Consent Orders or a Binding Financial Agreement to document your property settlement if you have reached final agreement, either on your own, during a Mediation, or with the assistance of a lawyer. 

After considering your own personal circumstances, a lawyer can advise you of the advantages and disadvantages to you of documenting your property settlement agreement using either Consent Orders or a Binding Financial Agreement. 

 

 

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Content By:
Michelle Beatty
MRB LAW

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