Consent Orders and Binding Financial Agreements

If you and your former partner can agree on how to parent your children after separation and divide your property, you can either enter into consent orders or a binding financial agreement. Consent orders are orders the Court makes to put into effect your agreement. They have the advantage of being easier to enforce than a Binding Financial Agreement (“BFA”), but can be more expensive to prepare and any arrangements dealing with children will only have the status of a parenting plan and will not generally be enforceable. 

A BFA does not require the involvement of the Court, but can be more challenging to enforce if a party does not comply with its terms. BFAs must meet very strict requirements in order to be enforceable and must include certificates of independent legal advice for both parties.