Binding Financial Agreements and Consent Orders

Binding Financial Agreements and Consent Orders

Binding Financial Agreement

A Binding Financial Agreement (“BFA”) is a contract between parties to a marriage or a de facto relationship. BFA’s are not sent to the Court for approval.

BFA’s can be entered into:

  • At the start of a relationship before the parties are married or commence living together (also known as pre-nuptial agreements);
  • During a relationship; or
  • Post separation.

There is strict legislation surrounding the requirements of full and frank financial disclosure if a BFA is going to be entered into. Both parties must have legal representation for a BFA to be legally binding.

There is a wealth of previous Court cases where BFA’s have been overturned by the Court for a number of reasons including changes of circumstances in the relationship since the BFA was made and lack of full and frank financial disclosure by either one or both of the parties.  It is essential that thorough legal advice is obtained before entering into a BFA. As your lawyer we will advise you about the necessary requirements to ensure that your BFA is as binding as possible.

Consent Orders

Consent Orders are generally a safer way of formalising a Family Law agreement. Consent Orders can include property settlement and parenting matters.

An Application for Consent Orders is sent to the Court together with a copy of the Orders that the parties are asking the Court to make. The Application contains detailed information in relation to the matter including details of assets, debts, income, expenses, details of the children and the arrangements for the children including their housing and schooling.

Both parties do not need to be legally represented to enter into Consent Orders. It is advisable that a lawyer drafts the proposed Orders to ensure that there are no problems with execution of the Orders.

When making the Consent Orders the Court must be satisfied that the agreement is just and equitable.

Why formalise an agreement?

You should always obtain legal advice about your likely entitlements under the law before formalising any Family Law Agreement.

Without formalising your property settlement agreement, you leave yourself open to a claim from the other party moving into the future. Formalisation of your agreement gives you a level of certainty moving forward financially.

If you would like to meet with our Family Law Solicitors simply call our office to arrange a FREE one hour consultation.

Binding Financial Agreements and Consent Orders — Our Team

Director - Accredited Specialist in Business Law