Binding Financial Agreement FAQs
We understand that Family Law cases are often overwhelming.
We have provided answers to some of our most Frequently Asked Questions, however, should you not find the answer you are looking for, contact our Family Law Team TODAY!
Frequently Asked Questions about documenting your Agreement in Family Law cases.
- How do I document my Agreement?
- What is the difference between a Consent Order and a Binding Financial Agreement (BFA)?
- If I choose to do a Consent Order, do I have to attend Court?
How do I document my Agreement?
The only recognised way you can document your Agreement is by way of Consent Order or Binding Financial Agreement for Property Matters, or Consent Order or a Parenting Plan for child matters.
What is the difference between a Consent Order and a Binding Financial Agreement (BFA)?
Both documents serve to finally determine the parties’ financial relationship, meaning that whatever items you have agreed you will keep will remain yours without the other party being able to claim on those items. There are various differences, including but not limited to the following:-
- A Consent Order can deal with both property and children’s matters. A BFA can only deal with Property Matters;
- Consent Orders are sometimes quicker, easier and cheaper to enforce than a BFA;
- A BFA requires both parties to have independent legal advice. A Consent Order does not; and
- Most of the time it is quicker to enter into a BFA as it is binding once both parties execute the Agreement, whilst a Consent Order can incur delays as you have to apply to the Court and wait for the Orders to be sealed.
This list is by no means exhaustive and you should speak to us about which option is best for you.
If I choose to do a Consent Order, do I have to attend Court?
No. A Consent Order is filed with the Family Court, however, there is no appearance required.
