A binding financial agreement, BFA, is an agreement which covers the division of property, superannuation and if required, spousal maintenance. A binding financial agreement is an agreement which covers the division of property, superannuation and if required, spousal maintenance. BFA is a private agreement, open to challenge and not necessarily enforceable if it is determined to be lacking in some way. BFAs require independent legal advice for each party for it to be legally binding.
Consent orders require a more detailed assessment of the assets and debts and the future needs and financial circumstances of the separating couple. Once accepted by the Family Court, consent orders are enforceable as an order of the court.
