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PROPERTY SETTLEMENT – DO IT RIGHT THE FIRST TIME!

Property Settlement – Do it Right the First Time!

We often come by family law property settlements whereby individuals have effected an informal family law property settlement, and later on down the track one of those individuals seeks more out of the property settlement.

The classic example of an informal settlement is where person A pays a sum of money to person B in exchange for person B forgoing any claim they might have to the house which is held solely in person A’s name.

Another example of an informal settlement we commonly see is where person A and person B agree to evenly split proceeds from the sale of a jointly owned house on the proviso that neither of them ‘touches’ any other assets or super entitlements held by the other.

These scenarios often involve some written statement setting out the agreed arrangement.

Unfortunately, the fact that a property settlement agreement is set out in writing does not mean that the agreement is legally binding, and it therefore does not prevent one of the parties from ‘having a second bite at the cherry’.

The only way to ensure a person can’t come at the cherry for seconds in a family law property settlement is to obtain a legally effective ‘Consent Order’ or ‘Binding Financial Agreement’.

Most family lawyers have extensive experience in obtaining Consent Orders and Binding Financial Agreements, and you might be surprised at how reasonable their fees are.

Don’t get caught out by effecting an informal settlement! Do it right the first time – see a family lawyer.

This article was written by Kyle Barram on 7 July 2016.  Kyle is a family lawyer based in Townsville.

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