Two Ways to Formalise Settlement
When you've agreed on how to divide property, you need to make it legally binding. Two options:
1. Binding Financial Agreement (BFA) - also called a "prenup" or "postnup" 2. Consent Orders - court orders by agreement
Binding Financial Agreement (BFA)
What It Is
A private contract between you and your spouse. The court is not involved in approving it.
Requirements
- Both parties must receive independent legal advice
Pros
- No court involvement
Cons
- Can be set aside more easily
Cost
Typically $2,500-$5,000+ per party for legal advice
Consent Orders
What They Are
Court orders made with both parties' consent. You apply together, the court approves, and you get orders.
Requirements
- Application in approved form
Pros
- Harder to set aside later
Cons
- Court must approve (may take 6-12 weeks)
Cost
- DIY: Just filing fee ($185)
Which Should You Choose?
Choose BFA If:
- You want to keep things private
Choose Consent Orders If:
- You want maximum enforceability
Can You Change Your Mind?
BFA
Can be set aside if:
Consent Orders
Very difficult to change. Grounds include: