A property settlement can be documented by way of a Financial Agreement under the Family Law Act, 1975. It needs to be signed by the parties and their solicitors, following being given legal advice about its effect. A Financial Agreement is a private agreement and does not require the Court’s approval. It is therefore, in some cases, quicker and more convenient for parties, allows for privacy and does not need to meet the requirements of fairness required by a Court.
When parties settle their property affairs, often one party may be taking a transfer of the family home or, perhaps, other property from the other party and in this case, because the settlement occurs pursuant to the Family Law Act, there is no payment of Stamp Duty on the transfer of that property. So, if for instance, your family home is jointly owned, is being transferred to one party and it is worth $700,000, this would be a saving of approximately $11,000.