3 Reasons to Formalise your Family Law Property Settlement?

1. The tax man:

That’s right when your formalise your property settlement by way of consent orders or Binding Financial Agreement (BFA) then certain tax consequences will flow.

 Most commonly a stamp duty exemption generally applies in respect of property made pursuant to family law orders

 At Coastal Lawyers we always recommend that our clients work closely with an accountant so that they get the full tax benefits associated with any property settlement.

 2. Enforceability:

By formalising your agreement and particularly when you formalise by way of consent orders, then you also get the benefit of being able to apply the court for enforcement of the order if your former partner doesn’t hold up their end of the bargain and later refuses to do something which had already been agreed.

3. Certainty:

By documenting your agreement by way of Consent Orders or a Binding Financial Agreement (BFA), then you have certainty as to your agreement. 

 It prevents your former partner from coming back later and suggesting that your previous agreement wasn’t a final agreement.

WHO ARE COASTAL LAWYERS? 

Coastal Lawyers are central coast family lawyers. We offer representation in all areas of family law including divorce, parenting property and maintenance.