Document an Agreement
If you’ve already come to an agreement with your ex-partner about your property settlement and/or parenting arrangements, it’s now time to make sure the agreement is legally-binding and enforceable.
It is very important to properly document the agreement that you and your ex-spouse have reached for the division of your assets and/or parenting arrangements. There are a variety of legal documents available to document your agreement. We will ascertain your needs and advise you which document(s) is most suitable to your needs.
Advantages to properly documenting your settlement agreement include:
- The right settlement agreements allow you to “draw a line in the sand” with your ex-spouse. Without the right legal documents, you may be leaving the door open to a further claim from your spouse in the future. If your ex-spouse were to make a further claim, income you earned post-separation and assets you accumulated post-separation, including inheritances, bonuses, and increases in the value of assets, etc. may be up for grabs.
- You may access capital gains tax exemptions on the transfer of certain assets (investment properties, shares, etc.) from one spouse to another spouse as part of a property settlement if the transfers are done pursuant to the right settlement document.
- The right settlement document may include clauses forcing your ex-spouse to actually carry out their “end of the bargain”. For example, if a settlement payment was not made on time, an asset belonging to your ex-spouse may be forcibly sold and the proceeds paid to you.
- The right settlement document can end your ex-spouse’s rights to claim spousal maintenance from you in the future.
- The right settlement document can force your ex-spouse to comply with their agreement to pay certain future expenses for your children (e.g., medical bills and school fees) even after they have remarried.
- If your ex-spouse fails to return the children to you as per the terms stipulated in parenting orders, the Court can ask the Police to intervene and return the children to you.
- The right parenting agreement can record the circumstances where you can travel with your children without having to obtain your ex-spouse’s consent each time you wish to travel. Conversely, it can also contain terms that prohibit your ex-spouse from taking your children overseas if you are concerned that your ex-spouse may hide the children in a foreign country.
There may be other benefits to documenting the agreement you have reached with your ex-spouse. We will provide individual advice to you after we have met for an initial consultation.
Where possible, we will provide a fixed fee quote for the drafting of settlement agreements.