Binding Financial Agreements and Consent Orders

What are Binding Financial Agreements?

You may have heard of a ‘pre-nup’, however in Australia we call them Binding Financial Agreements (‘BFA’).

You can make a financial agreement before, during or after a marriage or de facto relationship.

For a financial agreement to be legally binding, there are strict legal requirements that must be met.

Do I need to attend Court to get a BFA?

No, you do not need to attend Court to enter into a BFA. However, both parties need independent legal advice.

How are these different to Consent Orders?

Consent Orders are written agreements that are approved by the Court. While BFAs are a contract between two parties. When Consent Orders are made, they have the same effect as a Court Order made by a Judge after a Court Hearing. However, this is done without going to Court.

Benefits

Whether you decide on a BFA or Consent Orders, coming to an agreement with the other party gives you many advantages, such as:

• keeping control by making your own decisions, rather than leaving it to a Judge
• reducing the financial and emotional costs of Court
• maintaining your relationship as co-parents, if you have children
• you are able to move forward in your life

We can offer you legal advice, so you can make the best decision for your case.

Can a financial agreement be set aside?

A Court can declare the agreement invalid, and set it aside. This is why it is so important that you get the right financial advice before you enter into a Financial Agreement.

Let us give you the advice you need to obtain the best outcome. Contact our family law solicitors in Mona Vale on 02 9151 7339 or our family law solicitors in Gosford on 02 4308 8892