Binding Financial Agreements (BFAs) and Property Consent Orders are two options in Australian Family Law for couples that wish to divide their property pool on a final basis in a relatively amicable way and to document their agreement. Both options are less stressful, more efficient and cheaper than going to court. Property Consent Orders are made by a court upon application by both parties who have reached an agreement as to how the matrimonial/relationship property should be divided after separation. On the other hand, BFAs function like a private contract between the parties that can be made before the relationship commences, during the relationship, or after the relationship has ended. They do not require an application by the parties to the Court or the Court’s approval. There are advantages to both options which we outline below.
Why Consent Orders?
Why a BFA?
Which one should you pick?
For most separations we recommend documenting your property settlement using Property Consent Orders though if you require some irregular arrangements that are not normally included in Consent Orders, a Binding Financial Agreement might be the better option for you. We recommend you obtain legal advice to ascertain which is the best option for your case.
If you would like more information on BFAs and Consent Orders, please contact us at Frank Law to speak to one of our experienced family lawyers on (02) 9688 6023 or via frank@franklaw.com.au.
This is not legal advice.