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There are only 2 ways your property settlement agreement can be documented so it is legally binding and recognised at law.

Only after considering your own personal circumstances, can a lawyer advise you of the advantages and disadvantages to you of documenting your property settlement agreement using either consent orders or a binding financial agreement.

Differences between consent orders and a binding financial agreement include:

  • Consent orders must be made by the Family Court. The court will only make the consent orders you have agreed on if the court thinks they are “fair and reasonable”
  • The terms of a Binding Financial Agreement need not be fair
  • There is not independent scrutiny given to a Binding Financial Agreement by a court or any other body, nor are its terms reviewed by a court or any other body
  • A Consent Order is filed in the Family Court
  • A Binding Financial Agreement is not filed or registered anywhere
  • You can use consent orders to document your parenting and property settlement agreement in the same document however you cannot document your parenting agreement in a Binding Financial Agreement
  • To enter a Binding Financial Agreement, both spouses must each have their own lawyer give them independent legal advice and sign a Certificate of having done so
  • Sometimes a Binding Financial Agreement is the better option to extinguish spousal maintenance rights.