Separated couples, (married or defacto) can avoid stamp duty payments when transferring property between themselves (whether it is for a house or investment property) if their property settlement is properly documented.
Which means that getting this paperwork right can represent savings of tens of thousands of dollars.
To meet this requirement, the transfer of property involved in the property settlement, must be pursuant to a written agreement, either by way of Consent Orders or a Binding Financial Agreement. The document should clearly particularise any real property involved, including the provision of the lot, plan, county/parish and title reference information to ensure that an exemption is granted and there are no problems when the transfer documents are being lodged with the Department of Environment and Resource Management.
It is important when considering a property settlement, or when preparing to enter into Consent Orders or a Binding Financial Agreement, that you obtain Family Law advice from a solicitor with extensive family law experience.
If we can assist you in relation to a family law matter, or you require a solicitor to assist in drafting an agreement, please contact our office to arrange an initial consultation with one of our solicitors.