You should get Consent Orders or a Financial Agreement by considering the following advantages and disadvantages:
If the Court will agree that the property settlement agreement with your former partner is just and equitable, then you should first consider an Application for Consent Orders. The Court will consider the overall percentage division of the net assets including superannuation, and consider the facts in your Application for Consent Orders relating to contributions and current and future circumstances.
If the Court will determine that your property settlement agreement is too favorable to you or your former partner, then you should consider a Financial Agreement, which is not reviewed by the Court to determine if your property settlement agreement is just and equitable. A Financial Agreement is a private and confidential agreement on your own agreed terms.
It will take the court 4 to 6 weeks to review your Application for Consent Orders; whereas a Financial Agreement can be completed within days if you and your former partner both have a proactive and competent family lawyer.
Consent Orders can include an agreement about both property settlement and parenting arrangements for children; whereas a Financial Agreement can only formalise a property settlement agreement.
A Financial Agreement can extinguish future claims to maintenance, which cannot be done with Consent Orders.
Consent Orders is that they carry the authority of a Court Order, providing certainty and enforceability; whereas a Financial Agreement is more vulnerable to being challenged in a Court if it is not completed by following strict legal requirements.
Legal costs: there is no legal requirement for you or your former partner to pay a lawyer to apply for Consent Orders, all necessary forms are on the Court's website here; whereas you and your former partner must each engage your own lawyer separately and independently to make a Financial Agreement, check out the Court's website here.
Should I get Consent Orders or a Financial Agreement?
