Property | Application for Consent Orders and Binding Financial Agreement

You Have Reached Agreement – What’s Next

Application for Consent Orders or Binding Financial Agreement (for Separation)

If you are going through separation and have reached agreement with your former partner in relation to property matters, you can formalise your agreement by way of:

  1. An Application for Consent Orders; or
  2. A binding financial agreement (“BFA”).

Unless you finalise your separation by an Application for Consent Orders, binding financial agreement, or through court proceedings, any agreement that you reach may not be enforceable and your former partner could potentially make a further claim against your assets. This is undesirable as it does not allow you to plan for your future and move forward with certainty.

Advantages

The two main advantages of formalising your separation by way of an Application for Consent Orders or a binding financial agreement are:

  1. The terms of your agreement are recognised and binding. This means it would be difficult for your former partner to later make a further claim against your assets; and
  2. If there is a transfer of property, particularly real property (for example, a house), then you will be exempt from transfer duty.

There are other advantages in finalising your agreement by an Application for Consent Orders or a binding financial agreement. These include:

  1. The process for an Application for Consent Orders or a binding financial agreement is much quicker compared to standard court proceedings. From the time that instructions are received, a binding financial agreement can sometimes be completed within a week and an Application for Consent Orders can be completed within two weeks (or earlier, if required) and ready for lodgement with the Court;
  2. The cost to do either an Application for Consent Orders or a binding financial agreement is significantly less than standard court proceedings; and
  3. The time and stress involved in completing an Application for Consent Orders or a binding financial agreement are significantly less than court proceedings.

Process for an Application for Consent Orders

Generally, the following steps are required to complete an Application for Consent Orders:

  1. Obtaining background information and financial details from you;
  2. Preparing the Application for Consent Orders and Minutes of Consent Orders (“Court Documents”);
  3. Finalising the terms of the Court Documents;
  4. Signing of the Court Documents by you and your former partner;
  5. Filing the Court Documents with the Court; and
  6. Once the Court seals the Order, then the terms of the Order will have to be put into effect.

If splitting superannuation is involved, there is an additional process.

Process for a Binding Financial Agreement

Generally, the following steps are required to complete a binding financial agreement:

  1. Obtaining background information and financial details from you and your partner;
  2. Preparing the BFA;
  3. Finalising the terms of the BFA;
  4. Signing of the BFA by you in front of us; and
  5. Signing of the BFA by your former partner in front of his/her solicitor.

Everyday Experience Counts

We regularly assist clients to formalise their separation by way of an Application for Consent Orders or a binding financial agreement. If your matter is urgent, we are happy to work with you to have your agreement finalised in a timely manner.

Many clients approach us to do an Application for Consent Orders or a Binding Financial Agreement before they transfer a house in order to be exempt from transfer duty. Because we do this regularly, our turnaround time is quick and our rates are competitive.

Having an Application for Consent Orders or a binding financial agreement completed is a simple process with many long term benefits. If there is a transfer of a house involved, often the savings in transfer duty will be more than the cost to do an Application for Consent Orders or a binding financial agreement.

For further information, we welcome your enquiries.

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