What are the implications of not documenting an informal property settlement?

Family Law 3/12/2013 by Anna Roberts

A property settlement is legally binding only if it occurs pursuant to a Binding Financial Agreement or Consent Orders.

If you decide to informally document your property settlement you should be aware that your former partner can change their mind and apply to the Court for a property settlement that is different to the one agreed to. If your partner’s financial circumstances change, for example, they are diagnosed with an illness or they are no longer able to work, they may be entitled to more of the assets even though the circumstances did not exist at the date of separation.

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