What's the difference between a BFA and consent orders?
Both make a property settlement legally binding, but they work differently:
- Consent orders are an agreement approved by the Federal Circuit and Family Court. A registrar checks the division is just and equitable, then makes binding orders — without a hearing. They're generally simpler and lower-cost. See our full guide to consent orders.
- Binding financial agreements (BFAs) are private contracts between the parties. They offer more flexibility and privacy and can be made before, during or after a relationship — but each party must receive independent legal advice for the agreement to be binding.
Which should you choose?
Consent orders suit most separating couples finalising a property split, especially where the division is straightforward and you want the certainty of court approval. A BFA can be preferable where you want maximum flexibility, privacy, or an agreement made before or during a relationship (a "prenup"). Both are far better than leaving things informal.
The hard part is the agreement itself
Whichever instrument you choose, the real work is reaching a fair agreement — which is exactly what mediation does efficiently. We then help you formalise it the right way. See property settlement mediation →
Comparing the two at a glance
- Cost: Consent orders are usually cheaper; BFAs require independent legal advice for each party.
- Court involvement: Consent orders are court-approved; BFAs are private.
- Timing: BFAs can be made before, during or after a relationship; consent orders are made on or after separation.
- Finality: Both are binding, though the grounds to challenge each differ.