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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 43752
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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I have recently seperated and would like our investment

Customer Question

Good morning
I have recently seperated and would like our investment properties in my name alone, (we have two properties). One property is in both our names and the loan also is in both our names, the other property is in my ex husbands name only and the loan is in both our names, what would the process be to take his name off both of the properties and loans and have them in my name only? He is not paying anything so I need him taken off.
Thanks, Tina
Submitted: 1 year ago.
Category: Australia Law
Expert:  Leon replied 1 year ago.

Good Afternoon

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

You need to get court orders to not pay stamp duty.

Does the ex agree to what you want?

Customer: replied 1 year ago.
Well we haven't come to a monetary agreement, I asked to have my name taken off the loan that is associated with the property that doesn't have my name on it, and he said no for me to buy him out ... I haven't been to a bank yet to see if they will put the loan in my name alone, I wanted to find out first how to get my name on the property .... hope that makes sense.
Expert:  Leon replied 1 year ago.

The agreement has to be with the full assets owned in your individual names and also together.

The law takes into consideration everything.

So if you have reached an agreement it is fairly straight forward if you cannot then you are going to be in for a lengthy court battle.

If you are buying him out that should be in the order and there is no Stamp Duty or Capital Gains tax payable.

If you wish to save the stamp duty and the CGT then Family Court orders.

Here is some information

http://www.diyfamilylawaustralia.com/Topic/property_settlement_consent_orders_v_bfa.html

Consent orders are cheaper and if you feel confident they can be done without using a solciitor.

BFA you each need a Solicitor and it will cost you about $4,000.00 for the Solicitor that draft it and $2,500.00 for the other Solicitor.

It does make sense what you are asking and it is good to see what the options are.

I hope this all makes sense and is of assistance.

If there is nothing further

thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

Please do not forget to leave positive feedback.

Regards
Leon