After you have separated and your relationship is finished, you need to divide the all assets (property), liabilities, and superannuation and the best way to do this is through an agreement which gets registered at court. That agreement will be called “Consent Orders” and there will be another document called “application for consent orders”. If the court is satisfied with the agreement it will grant you the Consent Orders.
What then is a binding financial agreement? Well this is another way of formalising the agreement rather than using consent orders. However I never recommend this as there are numerous ways to overturn a binding financial agreement and your former partner could come back and end up wanting more than they originally agreed to.
This is why all of my clients have security knowing their former partner cannot come back-we only use consent orders. My clients can always feel protected and safe.
Call Conrad Turnbull Family Law Solicitor Newcastle, Lake Macquarie and Central Coast. We can come to you 0408 927 640