A Consent Order is a quickest and most cost-effective way to formalise an amicable property 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 Orders may be entered into.
Consent Orders involve the filing of 2 separate documents, namely an Application for Consent Order (containing background information, the value of assets and liabilities, information regarding contributions, and the split of assets and liabilities) as well as Minutes of Consent (which sets out the legal language of the property settlement agreement including transfer clauses).
Consent Order may be filed in the Family Court of Australia or the local State Magistrates Court exercising Family Law Jurisdiction. A Registrar will review the Consent Orders and if the agreement between 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 of real property from joint names to one party’s name, which can be quite a significant cost saving in itself.
If you are considering entering into a Consent Order please contact the team at James Noble Law for more information.
Article Source: Consent Order
