Susan and Steven



Steven and Susan were together for 22 years. When they separated, Freya and Jade were 17 and 15 respectively. During that time, they had a failed business venture, so when they separated there was a lot of debt and little else. It was threatening to foreclose on the mortgage over the house, and the financial pressure was overwhelming. Susan desperately wanted to keep the house for the sake of the kids, who had grown up there. Their older son Max was in 12th grade at the time and they were both attending a high school nearby. The successful completion of the boys' HSC was very important to the whole family.



Susan had started her own business about three years prior to the separation, and although it was still in its infancy, the business was showing signs of being quite profitable. Currently, the bank would not lend her enough money to buy Luke's interest in the house. He didn’t want to keep the property, so it looked like it was going to have to be sold.



The financial pressure that Susan and Steven had been under had really taken its toll on their relationship, however they both saw some sense in one of them trying to hold on to the property, both for the sake of the boys, but also because by the time they paid commission on the sale, and then split what was left over, neither of them were going to be in a position to buy elsewhere.

We discussed consent orders with Susan as a way of resolving their property settlement. As she knew Steven was entitled to payment for his share of the property, she prepared a proposal that included the following:-



Although Susan couldn't refinance at this time, she might be able to do so in the near future;
Steven was entitled to a share of the value of the property and shouldn't have to wait forever to receive his share.


Susan and Steven bought their property in an area where real estate prices were rising, so they both stood to gain by holding onto the property. It would be possible for Susan to refinance and pay Steven if he was willing to wait another twelve months to receive his entitlement. The property's value would be determined by what it would be worth in a year, so Steven had some incentive to hold out for a little while.



By drafting consent orders, both parties were confident of their agreement. In addition, they avoided paying stamp duty on the transfer of property from joint names into Susan's sole name, saving $12,000.00. By reaching an agreement and finalizing it byconsent order
, they could move forward with their lives and lessen the conflict.





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The material contained is property of Kate Austin Family Lawyers. It has been prepared to provide general and basic information only and does not constitute legal advice. Any