Property Settlement and Stamp Duty - a Case Study
Many people are not aware of the financial benefits of formalising a property settlement when it comes to the transfer of property from one party to another.
Mr B and Mrs B - a case study in stamp duty exemption
Mr B provided instructions to our office with respect to Family Law purposes in early March 2016. Mr B explained that he and his defacto partner of 28 years were separating and needed assistance with the division of their assets. Mr B further explained that he and Mrs B were on reasonably good terms and had a rough idea on what they would like to have happen with their property.
Our Solicitor provided Mr B with advice in relation to his position and the dividing of property and proposed that Consent Orders was the best option for Mr and Mrs B to resolve all financial matters between them on a final basis. Entering into Consent Orders also relieved Mr and Mrs B from having to attend Court.
Our Solicitor then made contact with Mrs B and put forward the formal proposal for the property settlement. Mrs B confirmed that she agreed with the proposal and instructed that she would sign the Consent Orders when given to her. Mrs B was pleased that our Solicitor contacted her by phone, rather than serving her with an informal and aggressive letter.
On 24 March 2016 Mr B attended our office, reviewed and approved the drafted documents. On 29 March 2016 Mrs B signed the same documents.
The signed Consent Orders were lodged with the Court on 29 March 2016 and were granted and made final by the Court on 31 March 2016.
This represents a fourteen-day turnaround from Mr B’s instructions to our office to the making of a legally binding Consent Order severing the financial relationship and resolving property matters between Mr and Mrs B, protecting each of them into the future.
Family Focus Legal aims to provide exceptional service all of our client’s legal needs and in this case were immediately able to commence implementing the Orders, including the transfer of a property into Mr B’s sole name.
Given that Mr and Mrs B were able to quickly reach agreement, Family Focus Legal were able to fix their legal costs early in the matter.
Additionally, based on Mr and Mrs B’s property value, had they simply attended to transferring the property without the aid of Consent Orders Mr B would have been liable to pay approximately $22,490.00 in stamp duty. Instead, our office was able to seek a full stamp duty exemption on Mr B's behalf saving him over $20,000.00!
Mr B said the following of his experience with Family Focus Legal “This was such a quick and easy process to have everything sorted out for me. I loved that I was able to fix my costs so I knew exactly how much I needed to pay. The staff were friendly, knowledgeable and guided me through everything’
As an additional gesture of support, our office completed a Will for Mr B at no cost. This ensured that all of his immediate legal needs were taken care of and his future is certain in respect of his financial and legal matters.