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NSW Financial Agreement after Separation

Discussion in 'Family Law Forum' started by happyman, 26 August 2014.

  1. happyman

    happyman Member

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    Hi,

    Recently my wife and I have separated as she has decided she would like to live elsewhere. This is an amicable split and we are very civil to each other and still care about each other. We over the course of a couple of days have decided where all of our assets should go and to which party and we are both happy with our agreement. My questions are -

    1. What is the best and quickest way to legalize this agreement we have?

    2. Should I hold off buying her out of our current house for an agreed price before a formal legal agreement has been made?

    3. She has gotten a personal credit card for herself after our split and i'm fairly comfortable she will honor it as her own debt. However, if she becomes vindictive (fairly confident she won't) could I be responsible for any debt she incurs during this non legalized separation period?

    kind regards,

    Happy
     
  2. Sarah J

    Sarah J Well-Known Member

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    Hi Happyman,

    1. The quickest way to legalise the agreement is to have the agreement down in writing, in full, signed by both parties. The agreement should be clear and cover all assets you can think of (current and future assets). You can then go to the Family Court and get a consent order. This turns the agreement into something akin to a judgment by court: Getting a consent order.

    2. This is your choice. You can choose to purchase her share of the property now, making it clear in the division of property agreement that you have paid for her share (include everything that would normally be contained in a ale agreement) and that both parties agree that you will own 100% of the property after separation.

    3. As long as you do not guarantee her loans and the account isn't joint and severally liable (joint borrower), you are not be liable for her debts.
     
  3. Victoria S

    Victoria S Well-Known Member

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