I was wondering if the transfer of a property from one partner to another because of separation/divorce triggers stamp duty?
Schlong
Schlong
Property transfer on divorce
- Thread starter Jingjoy Dungbee
- Start date
Dear Schlong,
Sorry to hear you need to know this information. Important thing is to make sure to avoid the reasons that caused the problem in the first place. (Hey I have one relative that has been divorced three times and still does not seem to really understand the cause of the problem.)
Would suggest that you have a read on the following link.
http://www.springfieldlegals.gil.com.au/property.html
It appears from this that stamp duty may or may not be payable depending on what type of agreement/settlement is reached between both parties.
Cheers,
Sunstone.
Sorry to hear you need to know this information. Important thing is to make sure to avoid the reasons that caused the problem in the first place. (Hey I have one relative that has been divorced three times and still does not seem to really understand the cause of the problem.)
Would suggest that you have a read on the following link.
http://www.springfieldlegals.gil.com.au/property.html
It appears from this that stamp duty may or may not be payable depending on what type of agreement/settlement is reached between both parties.
Cheers,
Sunstone.
Hi Schlong...
It's not the divorce itself which triggers the stamp duty exemption, it's the Consent Orders.
When your consent orders are done, they will specify the transfers of any properties, and on the head of these orders you can transfer properties between the arties to the divorce without incurring stamp duties.
You will need a simple transfer document and the consideration portion of the transfer will state "in consideration of love and affection". But I made my conveyancer put "In consideration of divorce"... (Not much love or affection there! hehe)
I did mine through a conveyancer for two reasons, firstly so that my ex knew that there was a third party professional involved, and, because at that turmultuous time, the last thing I needed was something going wrong with the conveyance. This is not the right time to be getting do-it-yourself-conveyancing lessons, IMHO.
Anyway, I hope this helps, Remember, usual disclaimers apply, I am not a solicitor. Contact the office of state revenue in your state for further information.
asy
It's not the divorce itself which triggers the stamp duty exemption, it's the Consent Orders.
When your consent orders are done, they will specify the transfers of any properties, and on the head of these orders you can transfer properties between the arties to the divorce without incurring stamp duties.
You will need a simple transfer document and the consideration portion of the transfer will state "in consideration of love and affection". But I made my conveyancer put "In consideration of divorce"... (Not much love or affection there! hehe)
I did mine through a conveyancer for two reasons, firstly so that my ex knew that there was a third party professional involved, and, because at that turmultuous time, the last thing I needed was something going wrong with the conveyance. This is not the right time to be getting do-it-yourself-conveyancing lessons, IMHO.
Anyway, I hope this helps, Remember, usual disclaimers apply, I am not a solicitor. Contact the office of state revenue in your state for further information.
asy
