Confidentiality: a financial agreement is a private contract between the parties and other confidentiality clauses may be written into an agreement; For binding financial agreements, both parties must receive independent legal advice so that the agreement is binding and the agreement complies with the requirements of the Family Law Act. The fact that BSFs are only an alternative to consent orders or an option that can only be considered in the circumstances when there is doubt as to whether a court will approve orders under the conditions proposed by the parties is a general misunderstanding. Non-confidential: orders are made in court and not by a private contractual agreement; In the event of a dispute over the validity of the agreement, the parties may be exposed to other lengthy and costly disputes, since the application of the financial agreements is left to the discretion of the provisions of paragraphs 90 C and s 90UN; For more information on the process of formalizing your agreement, see How I Apply – Applying for Ownership and Financing Contracts and, upon court request, on factual orders. Binding financial agreements are entered into in accordance with the provisions of the Family Law Act (or, in the case of de facto relations in Western Australia, the Family Court Act). These financial agreements are still generally known as binding Financial Agreements (BFA), although the Family Law Act has been amended and is now simply referred to as a financial agreement. Financial agreements – you need a lawyer to sign the agreement and the cost can be 3-4 times that of a consent order – easily between $5,500 and $11,000 + You both need to enter into a consent order (if the case is consensual and you don`t need the case to enter the legal realm and can agree on a settlement). If you are not ready to divorce and want a “hold” position that makes your financial agreement “more formal”. This can be done through the conclusion of an act of separation or an agreement. You are both legally binding documents, but you must also complete the full and open disclosure process and appoint your own independent legal counsel. It is also a good practice to establish an order of approval that is attached to the act of separation/to the minds of the agreement, so that this order of consent can be used in the future and submitted to the court. The participation of third parties may be taken by mutual agreement, so that, for example, multigenerational farm families generating the family`s income may remain intact through compensation loans or lump sum payments, in order to compensate for the former partner`s share in agricultural or family holdings; The short answer to this question is most likely yes! To help you decide what steps you might need to take, let`s go behind the jargon and take a look at what a financial consent order is and how it can give you security and peace of mind for the future..