Separation is an emotionally charged event, and most individuals aspire for an amicable split without delving into the complexities of involving lawyers. While this is a noble approach, there’s a crucial legal dimension that often gets overlooked.
The perception is: Why formalise when everything’s settled amicably?
Many couples, in the spirit of amicability, reach mutual agreements and divide properties, believing that the absence of any disagreement nullifies the necessity for any legally binding documentation, like Consent Orders or a Binding Financial Agreement (BFA).
However, this presumption is risky! Even after reaching mutual agreements, both parties are considered financially tied unless they seal their arrangement with a legal document, or after a specific duration post-separation and divorce has lapsed. Without such documentation, there’s a looming risk. Your ex-partner can legally challenge the previous agreement, even years later. Picture this: your financial situation improves, or you inherit assets – without a binding agreement, these might be up for dispute!
Navigating through this can be daunting. We’ve witnessed the frustration when clients come to us, believing they’d settled amicably, only to realise their lack of proper legal documentation has left them vulnerable.
Don’t fall into this oversight!
For insights, questions, or guidance, avail our family law consultation free of charge in our Brisbane or Gold Coast offices.
Book your appointment or reach us at 1300 225 393.
FAQs:
- Is an amicable agreement enough to finalise our financial ties after divorce?
– No, even if you’ve reached an amicable agreement, it’s crucial to have a legally binding document like a Consent Order or a BFA to finalise the financial ties.
- What risks do I face without a legally binding document post-divorce?
– Without proper documentation, your ex-partner can challenge the mutual agreement, potentially laying claim to your assets even years after the separation.
- What are Consent Orders and BFAs?
– Both are legal documents that finalise and protect your financial agreements post-divorce. While Consent Orders are approved by a court, a BFA is a private agreement between both parties.
