After separation, there are many couples who attempt to transfer property into their spouse’s sole name without properly resolving the division of the assets and liabilities of the relationship. They usually do this to avoid legal fees. However, in fact, it costs them substantially more in stamp duty to transfer the property without properly documenting the family law property settlement division.
If a separated couple enter into Consent Orders or a Binding Financial Agreement to finalise their property settlement, this exempts the person receiving the property, from paying stamp duty, with the costs to prepare the documents usually being less than the amount of stamp duty payable. It also finalises all property ties with their spouse so that any further assets they purchase cannot be claimed by the other spouse.
If you are going through a separation and wish to enquire about formalising your property settlement, please contact our office on 1300 285 888 to arrange an initial consultation with one of our experienced family law solicitors.
