The law encourages parties to negotiate and reach an amicable agreement as to the division of property following separation. If you have come to a Property Settlement Agreement with your former partner then you may wish to formalise this by entering into a binding property settlement agreement.
Sometimes parties come to an agreement without having properly considered the nature and effect of their agreement. When negotiating a Property Settlement Agreement some things to keep in mind include the following:
- Property Settlement Agreements differ depending on your particular set of circumstances.
- A fair Property Settlement Agreement may depend on the length of your relationship or marriage and this is just one of the factors to be considered.
- There may need to be an adjustment for financial contributions made prior to the relationship by either party.
- There may need to be an adjustment for one of the parties’ future needs such as their age, health, ability to work and their earning capacity.