Once an Agreement is reached regarding the division of assets, ownership of the assets will then be transferred and settlement completed. But what is involved in this process? How long is it likely to take?

Employment

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If you and your partner or spouse have separated and you have reached an agreement regarding division of assets, before assets are transferred it is important to have a signed Relationship Property Agreement in place. A Relationship Property Agreement will cover the date of separation, details of any assets you own (whether jointly or separately) and how these are to be divided. As solicitors, our role is to advise you on the Agreement. In order for the Agreement to meet the requirements of the Act, you must be advised by an independent solicitor.

There are a number of ways that property can be dealt with after separation. It is likely that you will either be taking over ownership of assets or will be transferring these out of your name.  The family home is often the largest asset that you and your ex-partner/spouse will own together.

Where you are taking over ownership of the family home

Transferring the family home into your name often requires a payment to be made to your ex-partner/spouse for their share of relationship property. If there is an existing mortgage over the home in your joint names, the mortgage will need to be discharged. If you require a new mortgage over the property, you will need to get in contact with your bank to prepare new loan documents.

This is where we come in. Our role is to arrange the discharge of mortgage with your bank, prepare the loan documents once received from your bank and transfer of ownership documents, meet with you to sign and complete settlement.

On the day of settlement, as solicitor we will protect your interests. We will ensure settlement funds are not released until everything is in order for clear title to pass to you. We will liase with your bank to pay off the existing mortgage and any other settlement payments and transfer ownership of the property into your sole name.

Your ex-partner/spouse is buying you out of the home

Transferring the family home to your ex-partner requires preparation of transfer documents by your solicitor to be signed by you. We act for you on settlement and receive payment in cleared funds before ownership is transferred.

Other assets

If there are other assets that need to be transferred following separation such as company shares, we can assist with this too. We can prepare this additional documentation and contact the relevant parties to ensure ownership is updated.

Contact our friendly team of experts

A separation is a stressful time in anyone’s life. Get in touch with Collins and May Law today to help you with the process. Whether you are taking over or transferring ownership of your family home out of your name, we are can assist with settlement and the transfer of assets.