Terms of Settlement (Property): Documentation

LSP12

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Why might I need this?

The ‘Terms of Settlement’ (or ‘Minutes of Consent Orders’) is the record of agreement between the parties that is at the very core of an agreed property settlement. In the course of negotiating your settlement, you will establish the fundamental principles of the deal (e.g. the parties agree to split the value in the house 60-40%). These ‘head’ elements of your agreement will certainly go into the Terms of Settlement but then so must a lot of other detail about who must do what, and when, to make the division of assets actually happen (e.g. the process for selling the house).

When its complete and signed by both parties, this Terms document becomes the centrepiece of the suite of documents that will form your Application for Consent Orders (for a property settlement) to the court. It is likely that your Terms will then issue from the court in the form of enforceable court orders that have the effect of making your financial separation final.

So it is absolutely vital that your Terms of Settlement accurately and comprehensively describes the deal that has been done, and provides workable machinery for ensuring that the entire pool of assets and liabilities will be distributed between the parties as you intend. If your Terms of Settlement document is deficient, your Application may be held up or rejected at court. Or worse–you might be stuck with legally enforceable orders for a form of settlement you don’t want and that is a nightmare (or perhaps even impossible) to implement.

Service description

We review your existing informal agreement. Based on this and the other information you provide to us, we suggest additional content for inclusion, and draft a comprehensive Terms of Settlement ready for your proposal to the other party and inclusion in an Application for Consent Orders.

Note: You need this service IF you have already agreed the basic principles about your property settlement with your former partner AND IF you don’t want us to prepare the entire suite of documentation for an Application for Consent Orders (if you do, look for LSP13 Property Settlement Consent Orders in the service menu).

What benefits will I gain?

With professional preparation of your Terms of Settlement, you can have more confidence that your property agreement accurately reflects your agreement, will be acceptable at court, and will describe a settlement that is clear and capable of being carried out.

And you will have this complete draft document in hand relatively quickly, and ready for signing, while you’re both still in agreement!

Service summary

We provide:

  • A 1-hour audio-visual or audio-only consultation with a Tribe family lawyer, providing legal advice, information, guidance, planning as appropriate for your needs as you might disclose them, and what you tell us you wish to gain from the session
  • Preparation of a bespoke-tailored Terms of Settlement document

Your responsibilities:

  • Completion of our pre-consultation Property Settlement Questionnaire
  • Provision of written record of your existing informal agreement about major elements of the property settlement

Fees

$550