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.
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.
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.
And remember, if you have a family law matter, you can always book a family law strategy session with Coastal Lawyers.
Our Family Law Strategy Sessions are an hour-long session with a Family Lawyer to discuss all things parenting, property and divorce.
We have you complete a detailed questionnaire prior to our meeting so that we can spend our hour together answering your questions. These sessions are great for those thinking about separating or who have recently separated and who want more information and clarification around the separation process.
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.
Written by Kristal
Principal Lawyer & Founder of Coastal Lawyers
Kristal was admitted as a lawyer in 2011. A former prosecutor, she has a Diploma in Law. A Graduate Certificate in Criminal Practice and is currently completing her Masters in Family Law (2022).
Kristal is a member of the Legal Aid Panels for criminal law and family law and domestic violence.
Fun Fact: Kristal loves all things mindfulness, meditation and “wu wu”.
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