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Coming to an agreement
through a discussion
between parties

Where parties are amicable and have a similar idea of what is fair and appropriate, they are able to reach an agreement. They can then take this agreement to a lawyer to have it formalised.  It is not necessary for both parties to have their own lawyer. One party can instruct a lawyer to draft the relevant documents which can then be agreed by the other party. 

This usually works well where there is a high level of respect between the parties and no significant power imbalance.  Where this is not the case, it often happens that one party simply dominates and the other acquiesces and any agreement resulting from this may not be in the best interests of all involved.    If you feel that there is a power imbalance then you should seek legal advice. 
It is imperative that any agreement reached is formalised by way of “Consent Orders” or “Financial Agreement”. Failure to do so can result in undesirable outcomes such as having to pay stamp duty on the transfer of a home. There is also the risk that one of you may change your mind in the future and the whole matter can be reopened. 
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