Formalising Family Law Agreements
Consent Orders, Parenting Plans and Binding Financial Agreements
Formalising Family Law property settlements is important for obtaining stamp duty exemptions, superannuation splits and protecting yourself for the future.
You should obtain legal advice about the best way to formalise your family’s personal and financial affairs.
Parenting and Family Law property settlements can be formalised through Consent Orders, by sending an Application to the Family Court of Australia. The Application can be filed electronically and considered by a Registrar who makes the Court Orders. In most circumstances, no Court appearance is necessary.
Consent Orders are legally binding once made and are difficult to change. It is essential that the Orders are worded correctly, or the Registrar may refuse to make the Orders.
Parenting Plans are not legally binding. They are an agreement between parents and other important people in children’s lives about the arrangements for children.
At ALG we can assist you with negotiating and drafting a Parenting Plan. They are helpful to plan for during school term time, school holidays and special occasions.
Binding Financial Agreements
Binding Financial Agreements (or BFA’s) are contracts between parties to a marriage or de-facto relationship.
BFA’s can be signed at the start of a marriage or relationship, during a relationship or following separation. They can be used to obtain exemptions from stamp duty and superannuation splits.
As BFA’s are not sent to the Court for approval (like Consent Orders), there is usually more risk of such agreements being overturned at a later stage by the Court.