Both a Final Consent Order and a Binding Financial Agreement (BFA) have their own advantages and disadvantages, and the choice between the two depends on the individual circumstances.
Consent Orders are legally binding agreements approved by the Family Court. They cover the division of property, payment of spousal maintenance, and/or parenting arrangements following a relationship breakdown. The advantages of Consent Orders include:
Binding Financial Agreements (BFAs), often referred to as “prenuptial agreements” (prior to marriage), or “separation agreements” (following separation), are private contracts between the couple that establish the distribution of assets, liabilities, and financial resources, and potentially provide provisions for spousal maintenance in the event of separation or divorce.
There is a possibility that a BFA family law agreement can be disputed later, even if it is not a final consent order. In Australia, both Consent Orders and Binding Financial Agreements (BFAs) can be set aside under certain circumstances.
It’s always recommended to seek legal advice before deciding on the division of assets. Sarah Bevan Family Lawyers are Accredited Specialists in Family Law with offices in Sydney, Parramatta, Surry Hills & Crows Nest. Call Sarah today for expert legal advice confidentiality assured! 02 9633 1088.