An important recent change to a property settlement agreement came into force on 4 January 2010. The new laws apply to any property settlement agreement made either as a consequence of a divorce settlement or as a property settlement after the separation of a de facto or same sex couple.
The law was changed because of difficulties encountered by some separated couples who had entered into what they thought was a binding property settlement agreement but then found out that the agreement was not binding because it did not comply with all of the formalities under the old law.
The new law states that some agreements entered into before 4 January 2010 may now be declared to be binding on the separated parties even if all of the formalities have not been complied with.
Obviously, people who enter into such property settlement agreements, do so on the basis that they expect them to be upheld.
If you have entered into such an agreement in the past, it is possible that the new laws will change the status of that agreement unless it already strictly complies with the old laws as they existed prior to 4 January 2010.
For advice about a Property Settlement Agreement contact us on 1800 300 170 or email us at familylaw@matthewsfolbigg.com.au
Click here to see our information page on Property Settlement.
Disclaimer
Family law situations can be complex and sometimes they can involve serious issues. Information outlined is proposed to provide general guidance only. Due to the seriousness of legal matters as well as the uniqueness of your individual situation, professional advice should be sought. For advice, please contact one of our Family Lawyers.
