Both involve recording an agreement reached between parties without litigation.
Consent Orders are reviewed by the Family Court whereas Binding Financial Agreements are private between the parties and not subject to Court scrutiny (unless challenged). Consent Orders are entered after the breakdown of a relationship and may address a myriad of matters whereas Binding Financial Agreements are limited to property and spousal maintenance matters. Binding Financial Agreements receive a lot of bad press, but if properly drafted and compliant, they are fantastic asset protection mechanisms and provide transparency between partners.
Binding Financial Agreements may be entered into at any time and are always worthwhile considering especially where partners wish to avoid a dispute from becoming litigious.
Our team not only advises on Binding Financial Agreements and proposed Consent Orders but can negotiate and prepare these documents for you.