Do I use a Consent Order or a Binding Financial Agreement to document our Property Settlement
There are only 2 ways your property settlement agreement can be documented in a way that is legally binding and recognised at law.
Only after considering your own personal circumstances, can a lawyer can advise you of the advantages and disadvantages to you of documenting your property settlement agreement using either Consent Orders or a Binding Financial Agreement.
Some differences between Consent Orders and a Binding Financial Agreement (Separation or Divorce Agreement) include:
- Consent Orders have to be made by a Court. The Court will only make the Consent Orders you have agreed on if the Court thinks they are “just and equitable” (broadly speaking means “fair and reasonable”).
- The terms of a Binding Financial Agreement do not have to be fair.
- There is not independent scrutiny given to a Binding Financial Agreement by a Court or any other body, nor are its terms reviewed by a Court or any other body.
- A Consent Order is filed in the Court.
- A Binding Financial Agreement is not filed or registered anywhere.
- You can use Consent Orders to document your parenting and property settlement agreement in the same document however you cannot document your parenting agreement in a Binding Financial Agreement.
- You do not have to use lawyers to do Consent Orders, you can do it yourself.
- To enter into a Binding Financial Agreement, both spouses must each have their own lawyer give them independent legal advice and sign a Certificate of having done so.
- Sometimes a Binding Financial Agreement is the better option to try to extinguish Spousal Maintenance rights.
Please show support for our free service by liking our Facebook Page
Michelle Beatty, Senior Lawyer
Other Questions answered in the Property Settlement Section
You might also be interested in the following sections of our website
(access by clicking below or from the left side Navigation Menu)
You may republish our Fact Sheets in your website, newsletter, or book, on the condition that you agree to leave the article, author’s signature, and all links completely intact as well as make reference to the fact it is provided courtesy of: