Find out in our information sheet What can you include in a Binding Financial Agreement. When the consent order is made, it has the same effect as a court order made by a judicial officer after a court hearing.
You and your former partner can apply for consent orders to be made in the Family Court without going to court. Unfortunately, people who do this, find out too late, that what they have drafted has no effect and that it has not given them any protection at all.
Signing draft consent orders means you agree with the orders and will follow the terms stated in the document. Ms Thorne commenced proceedings in the Federal Circuit Court to set aside the agreement and apply for property settlement.
The meaning of this term is slightly different for married couples and de facto couples. Both parties must make a full disclosure of all of their assets.
You said that you used your credit to buy the house. Will a Binding Financial Agreement actually work to protect your assets and income?
However, the Court still has the power to order that a financial agreement is nonetheless binding, if it has been signed by all parties and it would be unjust for the agreement not to be binding.
You can draft your own agreement, but at least two lawyers will need to be involved in providing independent legal advice to each party, so it is often more efficient just to get the lawyers involved at the outset. How do I formalise our agreement?