1. The agreement is approved by the Family Court;
2. It has the same effect as a court order made by a judicial officer;
3. The terms must be followed as stated in the document;
4. It finalises the financial matters between you and your former spouse;
5. There are stamp duty exemptions (in some cases) for a transfer of property from one spouse to another; and
6. If you are splitting your superannuation, you must have an order of the court (consent orders).
1. If you have already divided your finances and transferred or sold your property; and
2. There are no assets, liabilities or superannuation to divide.
(This list is not exhaustive and is not intended as legal advice.)