Deciding how to divide your property in a peaceful property settlement can be finalised in two primary ways:
- Final Court Orders, either by consent or court-ordered
- Binding Financial Agreement (BFA)
FINAL COURT ORDERS
Court Orders can be obtained in one of two ways:
- Ordered by the judge – this is when your matter goes to court, and the judge makes a final determination.
- Consent Orders – when both parties reach a mutual agreement.
Consent Orders should be your objective. Although achieving this can be challenging, an agreement reached by both parties is the best outcome. If your matter is before the court, Consent Orders are submitted to the judge and, if deemed fair and equitable given the circumstances, they are enforced.
As family law solicitors on the Gold Coast, we advocate for reaching an agreement without court proceedings and then formalising the agreement into Consent Orders. The application for Consent Orders is submitted to the Family Court, attracting a minor filing fee ($195.00 as of July of 2023). Consent Orders are typically drafted by lawyers, ensuring you are safeguarded and providing certainty moving forwards. When filing Consent Orders, you need an Application for Consent Orders and Minutes of Consent. The cost for Consent Orders varies between $2000 and $5000, depending on the law firm.
BINDING FINANCIAL AGREEMENT (BFA)
This alternative method for finalising property division is only recommended in specific situations:
- When you’re out of time.
- If the division is not just and equitable.
- For technical reasons that make filing Consent Orders impossible.
A Binding Financial Agreement effectively contracts you out of the Family Law Act, letting you divide your property your way. These agreements, however, can be more complex, costly, more easily set aside and require independent legal advice from both parties. Although we typically draft Consent Orders, Binding Financial Agreements do have their place. These agreements can be entered into before, during or after a de facto relationship or marriage. Finalising a property division through a Binding Financial Agreement can cost between $3000 and $10,000, depending on your law firm.
Both Consent Orders and a Binding Financial Agreement are investments for future protection. Additionally, they facilitate certain mechanisms, such as transferring real property or superannuation, that can provide further financial advantages.
To learn more about peaceful property settlement, we invite you to read our comprehensive blog posts at www.collectivefamilylaw.com.au. As one of the leading law firms on the Gold Coast, we provide a wealth of information and offer free family law consultations. Whether you need advice from experienced divorce lawyers in Gold Coast or want to explore more about property settlements, we’re here to support you throughout your journey.