You separated from your partner, you both agree as to what assets you each receive, you write it all down and sign it before a Justice of the Peace. You move on with your life and you are content that your property settlement has been finalised. Does this sound familiar? Unfortunately, your property settlement is not legally binding.
The only way for your property settlement to be legally binding and enforceable is for you to enter into a Consent Order or a Financial Agreement.
If you do not enter into a legally binding property settlement you run the risk that your former partner may seek a further settlement from you in the future. What if your ex goes bankrupt – and wants another share? What if you win Lotto, receive an inheritance or some other lump sum? There can be disastrous consequences if you have purchased another house, re-partnered, or had another child?
Having your property settlement finalised means that you have finality and security to move on with your life. With a document which has been correctly drafted and with each of you being full and frank in your disclosure, there is little need for you to think that your former partner will come back for “another bite of the cherry”. The process is straight-forward and no-one needs to go to Court.