Why You Should Know The Differences Between A Consent Order And A Binding Financial Agreement
Anyone going through a divorce has to contend with many issues, and invariably one of them is trying to understand all the legal jargon. For this reason, it is little wonder why most divorcing couples elect to have family lawyers represent them, who, presumably, know what all the terminology that exists within Australian family law means.
Some of the biggest confusions relate to the formal agreements and orders that exist within divorce law. Two of the primary ones are Consent Orders and Binding Financial Garments (BFAs) These confusions range from thinking they both have the same legal standing through to not having a clue what either of them is. Again, it is why family lawyers are there to help, and we want to help too, so keep reading and we will outline the differences between Consent Orders and BFAs.
What Are Consent Orders?
Family Court Consent Orders will comprise two separate documents which are sent to the Family Court. One will be the application and the other will be the minute of order. The latter will outline the salient points that have been agreed to by the two parties. The agreement will relate to the property settlement and will detail all the couple’s assets and liabilities plus what they agreed to, relating to the division of property. Parenting arrangements may also be included.