21 Oct Consent Order or BFA – which one’s for me?
It depends upon a few things. Firstly, the complexity of the settlement and whether there are going to be extended settlement terms, where a financial relationship continues beyond a “short” period of time and, usually and ultimately, whether a fair outcome is being documented.
Unfortunately, even where lengthy negotiations have occurred and both parties are happy with the outcome, the simpler consent order process can still cause problems as the Court are able to reject settlement terms they do not consider “fair”.
A Financial Agreement is usually reserved for where extended or complex settlement terms are required, whether delaying the sell down of an asset or if a party is to receive their settlement paid in installments. Financial Agreements are also beneficial where there might be an issue in “selling” the agreed terms to the Court, but both parties remain agreeable to the terms and do not want the risk of the Court rejecting the settlement terms.
With Financial Agreements both parties must receive independent legal advice, such that each party is fully informed of their legal entitlements before agreeing to a settlement.
There is no one-size-fits-all settlement documenting option, so it is always best to consult a lawyer before finalising things.
We offer fixed fees for most consent order matters and can usually provide a quote immediately by telephone to give our clients complete certainty regarding their legal fees.
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