Can I do a Property Settlement without a Lawyer?
The short answer is that yes, you can do a property settlement without a lawyer, but it comes with risks, complexity and potentially unnecessary delay.
Many separated couples can agree on a property settlement. Whether it fairly divides up their assets and finances is another question entirely!
Some of the benefits of having a lawyer advise and assist you with the negotiation of your property settlement are:
- Ensuring the values of assets, debts and superannuation are correct. If an asset is undervalued you could miss out on funds you may have otherwise been entitled to.
- Making sure your financial and non-financial contributions to the relationship are thoughtfully considered and not minimised – every relationship is different!
- Ensuring that the benefits of preparing an agreement will maximise taxation relief, reduce delays and provide you with protection if things do not go to plan.
- Making sure any property settlement agreement is drafted in accordance with the Family Law Act to avoid stamp duty being payable on any transfer of any property. This can save thousands of dollars.
- Streamlining the process involved in transferring a property. A solicitor can assist with the conveyancing requirements particularly as it’s now conducted online and requires a registered PEXA Agent.
Many of our clients only pay around $2,500 in legal fees for an amicable property settlement. A small price to pay for peace of mind!
If you have any questions about property settlement or any other aspects of family law, including our Getting Started package, please call our friendly team on 02 4929 4499 or complete our online form.