27/03/2021
THE BENEFITS OF FORMALISING YOUR AGREEMENT
In many cases parties to a marriage or a de facto relationship are able to reach an agreement in relation to the care of their children or the division of their property after they separate. This is particularly so when the separation has been amicable, and the parties remain on good terms. In these circumstances, parties often ask ‘if we have reached an agreement between ourselves, do we really need a lawyer?’
Whilst the temptation in these circumstances may be to try and avoid legal costs and rely on a ‘handshake agreement’, or even a document that the parties have prepared themselves and signed, the reality is that unless the parties properly formalise their agreement, there are significant risks on relying on this type of arrangement.
The prospect of saving on legal costs may, at first glance, appear to be appealing. However, the reality is that by not properly formalising your agreement you expose yourself to the risk of significantly higher legal costs if one party reneges on an informal agreement or perhaps makes a further claim for property or spousal maintenance and/or may result in you missing out on stamp duty or transfer costs.
At Frigo Adamson Legal Group our focus is on helping you achieve the best possible outcome without resorting to litigation by providing you with expert family law advice that is tailored for your individual circumstances.
For an assessment of your family law matter, contact our experienced family law team to arrange your consultation on (07) 5661 9719 or [email protected].
Parties can formalize arrangements after they separate by way of a Binding Financial Agreement or a Consent Order. Binding Financial Agreements. more See us