When separating whether you are in a de-facto or married relationship, if you own property together you are going to need to divide the property.
When separating, some couples are able to come to a fair agreement on their own, they often don’t see the point of getting a family law solicitor involved and also fear that a solicitor will only make things complicated. I understand this view as it can be a valid one. But it doesn’t have to be complex or expensive to finalise your separation legally.
The best way to do this is by getting a Binding Financial Agreement.
When it comes to a property that is held equally with your partner, you will either need to sell the property or have it transferred to one of you.
If you are thinking of keeping the property and transferring it, you will have to pay stamp duty to transfer a half share which can be an expensive exercise! However current family law provides for an exemption from paying stamp duty on the transfer of property consequent on a marriage or de-facto separation in certain circumstances.
A binding financial agreement can actually reduce separation costs, and may even be the difference between you keeping or being forced to sell your property. It also gives you finality so that you can comfortably move forward with your life.
We can assist you with this process providing advice, documentation and the experience required to get the job done and often we can do this for a fixed cost. If you need our help or just a chat, give us a call.