There are two ways an agreement for property settlement can be formalised without initiating Court proceedings, namely, by the parties entering into Consent Orders or into a Financial Agreement.
Consent Orders are a written document of the settlement you reach with your spouse, submitted to the Registrar of the Court for approval. Consent Orders have the same legal force as Orders made by a judicial officer after a contested hearing and provide a strong safeguard against future claims. Consent Orders can cover both property settlement, agreements for the care and responsibility of children and spousal maintenance.
Financial Agreements are Deeds and not submitted to the Court for approval. Financial Agreements only cover property settlement, agreements for the care and responsibility of children should be documented in Consent Orders, should you wish to ensure those arrangements are binding and enforceable.