Yes, if you have assets or a different income earning capacity to your partner it is best to formalise your agreement.
A property settlement is not binding unless it is documented in Court Orders or a Financial Agreement.
Property settlements are usually based on parties’ present assets and financial circumstances, rather than the assets you each had at separation. Therefore, any improvement in your financial circumstances since separation will normally be factored into a settlement. For example, if your property has increased in value or your business has become more profitable, your former spouse or de facto could seek to make a claim against that increased asset.
Reaching agreement on a division of your assets and formally documenting it is the best protection against any future claims.