PROPERTY SETTLEMENT

 

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. 

 

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Content By:
Michelle Beatty
MRB LAW

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