Property Consent Orders are court-approved agreements that formalize the division of assets, liabilities, and financial resources between separated couples. These orders provide legal certainty about property settlement while avoiding the stress and expense of contested court proceedings.
What are Property Consent Orders?
Property Consent Orders are formal court orders made by agreement between parties about the division of their property and financial resources. Under the Family Law Act 1975, these orders must be just and equitable and can cover all aspects of property settlement including real estate, personal assets, debts, and superannuation.
What Can Property Consent Orders Cover?
Property Consent Orders can address various financial matters:
- Real Estate: Family home, investment properties, vacant land
- Personal Assets: Cars, furniture, jewelry, artwork, collections
- Financial Assets: Bank accounts, shares, investments, managed funds
- Business Interests: Company shares, partnership interests, sole trader assets
- Superannuation: Retirement savings and pension entitlements
- Debts and Liabilities: Mortgages, personal loans, credit cards, tax debts
- Insurance Policies: Life insurance, income protection, asset coverage
- Intellectual Property: Patents, trademarks, copyrights
The Four-Step Process
Property settlements follow a structured four-step process:
- Identify Assets and Liabilities: Determine what property exists and its value
- Assess Contributions: Consider financial and non-financial contributions made by each party
- Evaluate Future Needs: Consider factors affecting future financial needs
- Determine Fair Division: Decide on a just and equitable distribution
Types of Contributions
The court considers various contributions made during the relationship:
- Financial Contributions: Income, gifts, inheritances, loan guarantees
- Non-Financial Contributions: Homemaking, child care, property maintenance
- Initial Contributions: Assets brought into the relationship
- Post-Separation Contributions: Improvements or maintenance after separation
"Property Consent Orders provide finality and certainty to property settlement, allowing both parties to move forward with their financial lives."
Future Needs Factors
Factors affecting future financial needs include:
- Age and health of both parties
- Income and earning capacity
- Financial resources and support obligations
- Care of children under 18
- Standard of living during the relationship
- Length of the relationship and cohabitation
- Need to protect a party who gave up career opportunities
Benefits of Property Consent Orders
- Legal Finality: Court orders provide certainty and closure
- Enforceability: Orders can be enforced if breached
- Cost-Effective: Avoid expensive court trials
- Privacy: Keep financial matters confidential
- Control: Parties determine the terms of settlement
- Speed: Faster resolution than contested proceedings
- Tax Benefits: Certain transfers may be tax-free
Common Property Settlement Arrangements
Typical arrangements in Property Consent Orders include:
- Sale and Division: Selling assets and splitting proceeds
- Transfer of Ownership: One party keeps specific assets
- Offsetting: Balancing different types of assets
- Staged Implementation: Phased transfer of assets over time
- Continuing Joint Ownership: Shared ownership of certain assets
- Debt Responsibility: Clear allocation of ongoing debts
Requirements for Court Approval
For Property Consent Orders to be approved, they must:
- Be just and equitable in all circumstances
- Be genuinely agreed to by both parties
- Include proper financial disclosure
- Consider all relevant assets and liabilities
- Be practical and capable of implementation
- Comply with legal requirements and formalities
The Application Process
Obtaining Property Consent Orders typically involves:
- Financial Disclosure: Full disclosure of all assets and liabilities
- Valuation: Obtaining current market values for significant assets
- Negotiation: Reaching agreement on division of property
- Drafting: Preparing detailed court documents
- Filing: Lodging application with the Family Court
- Approval: Court consideration and making of orders
Time Limits for Property Settlement
Important time limits apply to property settlement applications:
- Married Couples: Must apply within 12 months of divorce
- De Facto Couples: Must apply within 2 years of separation
- Extensions: May be possible in special circumstances
- Early Action: Advisable to start proceedings well before deadlines
Tax Considerations
Property Consent Orders can provide tax advantages:
- Transfers pursuant to court orders may be exempt from capital gains tax
- Stamp duty exemptions may apply to property transfers
- Proper structuring can minimize tax implications
- Professional tax advice should be obtained
Our Property Consent Orders Services
At Jarrah Legal, we provide comprehensive property consent orders services including:
- Expert assessment of your property pool and entitlements
- Strategic advice on achieving fair and equitable settlements
- Assistance with asset valuations and financial disclosure
- Skilled negotiation to reach mutually acceptable agreements
- Professional drafting of detailed court documents
- Guidance through the court approval process
- Implementation support and ongoing assistance
Contact Jarrah Legal today to secure your property settlement with professionally drafted Property Consent Orders that protect your financial interests and provide certainty for your future.