Property Settlement pt2 – Do you need a court order?

Jul 2, 2021

Property Settlement (pt 2) – Do you need a court order?

 

You and your husband/wife have come to an amicable split of your matrimonial property, so do you need a court order?

Unfortunately, this is not a straightforward question to answer.  Generally, the answer is no, a private deal splitting up property does not require a court order.  You can just set out the deal in writing, sign it and then go your separate ways.

For example, if after a marriage or de facto relationship of just a couple of years you own a matrimonial home, each of you was employed during the relationship, neither made a significant financial contribution at the outset of the relationship and with just other personal property to consider you may think it easiest and fair to each keep your own personal property and to sell the home and divide the net proceeds of that sale as agreed – and that is it, right?

These private deals can work, but they can’t necessarily be relied upon to be the end of the financial and property matters between you and your former spouse.  Either party can still apply for court orders at a later date that are completely different to the written and signed deal you reached.  The court is not bound by the private deal.  The same general principles apply in the case of deals made by opposite or same sex de facto couples.

Take advantage of our no cost first interview if you have any questions or concerns about splitting your property/assets.

CAUTION: This article contains general information of public interest only and is not intended to be, nor should be relied upon as, legal advice specific to the reader’s personal circumstances. Should you have a legal matter, please seek professional advice before acting or relying on this content.