If you and your former partner have reached an amicable agreement regarding the division of your joint assets and liabilities, the next step would be to discuss the agreement with a Family Lawyer. Ensuring the proposed terms are just and equitable will provide you with the guarantee that you have been able to resolve your property matters in a fair manner.
Once the parties have reached an agreement, they can formalise this agreement by applying to the Federal Circuit and Family Court for Property Orders by consent. Family Court is obliged to take into account a number of matters to determine whether the proposed consent orders are “just and equitable”.
Formalising your agreement with Property Orders by Consent will:
- Ensure that your property agreement is legally binding and enforceable.
- Prevent any future claims made by your ex-partner in relation to your property matters.
- Eliminate any stamp duty costs relating to the transfer of property into different ownership.
- Provide you with the peace of mind that the matter has been finalised and your financial relationship with your former partner has formally ended,
What are Property Orders by Consent?
Consent Orders are only available to parties once they have separated. So long as you and your ex-partner are separated, you do not need to be divorced to obtain property orders by consent.
If both parties consent to the orders, they can jointly apply to the Federal Circuit and Family Court of Australia.
The Family Law Act 1975 (Cth) imposes a limitation period for parties seeking orders (contested or by consent) for a property division or spouse maintenance. This limitation is one year from the date of a divorce order taking effect or two years from the date of separation in the case of de facto couples.
What kinds of things to Property Consent Orders include?
The property interests of the parties that are often considered in a Consent Order include:
- Houses
- Land
- Cash
- Savings
- Cars
- Household contents
- Jewellery
- Superannuation
- Shares
- Interests in businesses or trusts
- Property held overseas
Consent orders also considers liabilities such as:
- Home loans
- Credit cards
- Credit cards
- Taxation debts
- Finance owed to third parties
- Personal loans
How do I apply for Property Orders by Consent?
To draft consent orders, two documents must be agreed to, prepared and signed by both parties:
- An application for Consent Orders
- Minute of Consent Orders
The parties will then have their lawyers lodge the documents with the Federal Circuit and Family Court. A Registrar of the Court will review the application and the proposed orders, before finalising the orders.
We can provide you with the necessary advice to negotiate with your former spouse or partner and can draft the consent orders on your behalf. If you require legal guidance and assistance to formalise your family law property matters, contact our team today to book in your consultation.
Email us at info@icaalaw.com or call us today to book your appointment on (03) 9842 4474.
Important Disclaimer: The content of this posted article is general in nature and for reference only. The content does not constitute legal advice. Legal advice about your specific circumstances should always be obtained before taking any action in your particular circumstances.
