1. Stamp duty costs
If you’re planning to transfer the house from joint names to a single name, did you know that there are stamp duty implications? If you try to do this, the Office of State Revenue will charge you stamp duty on half the value of the property, being the half that’s going from one person to the other. If your house is worth $500,000, that’s going to cost you about $8750. If you have your agreement formalised by way of consent orders, you get an exemption from paying stamp duty. If you come to us, we’ll charge you $1595 to draft all the documents you need to get consent orders made without going to court. That’s a pretty big saving.
2. Super splitting
If you want to split up one party’s superannuation so some of it goes into the other party’s account, you can’t just agree to that and ask the fund to sort it out. They’ll want to see a court order which sets out how the superannuation split will be done, and in fact, they have to consent to that order being made. There’s no point reaching an agreement if you then find you can’t get the super fund to implement it for you. If you have your agreement about a superannuation split formalised by way of consent orders, the fund will sort out the split without a problem. If you come to us, we’ll charge you $1595 to get the super fund’s consent, and then draft all the documents you need to get consent orders made without going to court. You’ve done the hard work by getting to an agreement, don’t let something like this get in the way of getting everything finalised smoothly.
3. Opening old wounds
You’ve spent ages to-ing and fro-ing and you’ve finally come to an agreement with your ex that you can both live with. That’s the hardest part done. If you don’t formalise your agreement, there is little to stop one of you coming back, maybe in a few years’ time and seeking a formalised property settlement. The whole issue gets reopened. Any assets you’ve acquired post-separation are in the property pool and available for distribution between you. Your previous agreement might be relevant, but there might be reasons why the court is happy to revisit everything you thought was finalised. Formalising your property settlement means it’s settled once and for all. Everyone knows where they stand. Everyone gets on with their lives without wondering if assets they accumulate after separation will be looked at later on. We can formalise and finalise your property settlement for $1595. It’s worth considering for your peace of mind.