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Ask James D. Ford Your Own Question
James D. Ford
James D. Ford, Solicitor
Category: Australia Law
Satisfied Customers: 1601
Experience:  Consulting Principal at Nexus Law Group
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I would like to transfer my share on our residential

Customer Question

I would like to transfer my share on our residential property to my defacto partner for an agreed sum due to the breakdown of relationship. What form to use and duty exemptions
Submitted: 1 year ago.
Category: Australia Law
Expert:  James D. Ford replied 1 year ago.

Hi, if you do not sign a BFA - Binding Financial Agreement (property settlement recognised at law and by the Courts), or obtain Court orders regarding the property settlement by consent (as you have stated this is an amicable separation) - then, your property settlement is not binding.. and if for any reason you won the lottery, or obtained an inheritance, you ex could stake a claim....

If you do not do either of the above... on top of not having a binding settlement, the transaction will not be eligible for any stamp duty exemption.

Please advise how you decide to proceed, and I can advise the steps to take...

Kind regards

James

Customer: replied 1 year ago.
Thank you very much. I have no choice then but to obtain Court Consent regarding property settlement. By the way the de facto relationship broke down after 1 March 2009 so it should be covered by the Family Law here in Victoria.
Expert:  James D. Ford replied 1 year ago.

Bernard, how long ago was the separation? assuming more than 2 years have past, your ex partner cannot apply to the Court (by themselves) without explaining the delay and obtaining the approval of the Court... so if you did nothing, your ex partner does not have an automatic right to apply to the Court (by themselves, without your co-operation).

Yes, Family Law Act applies to all de facto couples in Australia after 1 March 2009.

Where the application is by agreement or consent of both parties, even if it has been longer than 2 years, I assume the Court would not have any issue with issuing the Court Orders (if they are fair and reasonable).

Kind regards,

James

Expert:  James D. Ford replied 1 year ago.

Bernard, you have opened a second query without accepting my answer to your first query... please accept and rate my response.

To help with your additional query, once the consent orders are approved by the Court... your ex has no claim regarding your future finances. That is the end of the matter.

Kind regards, James

Expert:  James D. Ford replied 1 year ago.

Do you need anyone to view your consent orders prior to lodgement? Has a lawyer helped prepare them?

Do you need assistance to transfer the share in the Property after the consent orders have been approved by the Court?

Kind regards, James