There are many good reasons why former spouses should formalise legally their property settlement including that they may be exempted from paying stamp duty which is otherwise payable for the transfer of title to their real property, cars and shares.
They may also be exempted from paying capital gains tax when they sell the home they formerly owned together.
These exemptions normally represent savings of tens of thousands of dollars.
The exemptions will apply to married couples and their children and to partners of a de facto relationship and their children.
The exemptions are available if the parties enter into consent orders or a financial agreement under the Family Law Act 1975