When formally finalising property matters, you have two options; consent orders or a Binding Financial Agreement (BFA). Both documents will provide a binding agreement between you and your partner that sets out how property will be handled after separation or divorce. The main difference between the two is that Consent Orders are filed through the Courts and BFAs are not. Here’s a little bit more information on each:
Consent Orders can be the simpler method of finalising a property settlement dependent on your circumstances. Compared to BFAs, Consent Orders offer more certainty as the Court must be satisfied in all areas proposed. Once Orders are made, there is also little grounds for it to be set aside. From a financial perspective, Consent Orders also have fewer technical requirements, so can also be cheaper.
If you have any questions on Consent Orders or BFAs, don’t hesitate to contact our office.