A Consent Orderis a quickest and most cost-effective way to formalise an amicableproperty settlement agreement.
If you and your former partner are able to reach an agreement as to how the property of the relationship is to be divided and, if that agreement is just and equitable,Consent Ordersmay be entered into.
Consent Ordersinvolve the filing of 2 separate documents, namely an Application forConsent Order(containing background information, the value of assets and liabilities, information regarding contributions, and the split of assets and liabilities) as well asMinutes of Consent(which sets out the legal language of theproperty settlement agreementincluding transfer clauses).
Consent Ordermay be filed in theFamily Court of Australiaor the local State Magistrates Court exercisingFamily Law Jurisdiction. A Registrar will review the Consent Orders and if theagreementbetween the parties is fair, the Orders will issue with the Court seal. This is when the agreement becomes legally binding.
also alleviate the need to pay stamp duty on the transfer ofreal property from joint namesto one party’s name, which can be quite a significantcost saving in itself.
If you areconsidering entering into a Consent Orderplease contact the team atJames Noble Lawfor more information.
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