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This is also known as a separation property settlement agreement or just ‘property settlement‘.
When a marriage breaks down, reaching an amicable property settlement agreement quickly about debts, assets and property can reduce conflict and stress.
A Separation Agreement allows you to decide how to divide joint financial resources out side the court system between yourselves, which lets you relax and get on with your life.
Sitting down with your partner now to work out a ‘property settlement ‘ and what your separation agreement needs to achieve, before you both run off to the lawyers, will save you considerable time, money and anxiety. Furthermore you’ll minimise the risk of having a lawyer draft a one sided agreement that fails to reflect the needs of either party.
It’s no wonder a separation agreement is seen as a logical alternative to court action and a reliable exit strategy.
If you are a De facto couple (hetero or same-sex) and not married you can still make a de facto property settlement agreement under s90UD of the Family Law Act
Separation agreements – More information
