How Can I Formalise My Property Settlement?
There are two primary ways to formalise a property settlement in Australia:
- Consent Orders
- Binding Financial Agreements (BFAs)
The most appropriate option depends on your individual circumstances and legal objectives. Our Accredited Family Law Specialists can advise which approach is best suited to your situation.
Consent Orders
If you and your former partner have reached an agreement, you can jointly apply to the Federal Circuit and Family Court of Australia for Consent Orders.
Consent Orders:
- Record the terms of your agreement
- Are reviewed by the Court
- Become legally binding once approved
- Have the same legal effect as orders made by a Judge after a hearing
Before making Consent Orders, the Court must be satisfied that the proposed settlement is just and equitable.
Although it is possible to prepare the documents yourself, they are technical legal documents. Obtaining advice from an Accredited Family Law Specialist helps ensure your agreement accurately reflects your intentions and avoids costly mistakes.
Binding Financial Agreements (BFAs)
A Binding Financial Agreement (BFA) is a private legal agreement between parties that can deal with financial matters before, during or after a relationship.
A BFA may cover:
- Division of property
- Financial resources
- Superannuation (where applicable)
- Spousal maintenance, including permanently resolving future maintenance claims where appropriate
Unlike Consent Orders, a BFA is not approved by the Court. Instead, strict legal requirements must be satisfied before it becomes legally binding.
Importantly, each party must receive independent legal advice before signing the agreement. Failure to comply with these legal requirements may result in the agreement being challenged or set aside.
Consent Orders or a Binding Financial Agreement?
Both options provide legal certainty, but they serve different purposes.
Consent Orders may be appropriate where:
- Both parties have reached agreement.
- Court approval is desirable.
- The proposed settlement is just and equitable.
Binding Financial Agreements may be appropriate where:
- Greater flexibility is required.
- Parties wish to keep their financial arrangements private.
- Spousal maintenance rights are intended to be permanently resolved.
- The agreement is made before, during or after a relationship.
Our Accredited Family Law Specialists can advise which option best meets your circumstances.
Important Time Limits
Many people mistakenly believe they must wait until they are divorced before dealing with property settlement.
This is not the case.
Property settlement and divorce are separate legal processes, and financial matters can often be resolved before a divorce is final.
However, strict time limits apply:
- Married couples generally have 12 months after their divorce becomes final to commence Court proceedings for property settlement.
- De facto couples generally have two years from the date of separation to commence proceedings.
If these time limits expire, you may require the Court’s permission to proceed, which can be difficult, costly and is not automatically granted.
Obtaining legal advice early helps protect your rights.
Speak with an Accredited Family Law Specialist
Whether you have reached an agreement or are still negotiating with your former partner, obtaining specialist legal advice before finalising your property settlement can help protect your future.
At Mathews Family Law & Mediation Specialists, our Accredited Family Law Specialists provide clear, practical advice tailored to your individual circumstances. We can assist with Consent Orders, Binding Financial Agreements, negotiated settlements and Court proceedings where necessary.
Contact us today to arrange your complimentary 15-minute telephone consultation. We’ll explain your options, answer your questions and help you achieve a legally binding property settlement with confidence.
About Vanessa Mathews — Accredited Family Law Specialist
Vanessa Mathews
Principal | Accredited Family Law Specialist | Accredited Family Dispute Resolution Practitioner | Mediator
This page was prepared and reviewed by Vanessa Mathews, Principal of Mathews Family Law & Mediation Specialists. Vanessa practises exclusively in family law and assists clients throughout Australia with separation, divorce, parenting disputes, property settlements, financial agreements and other complex family law matters.
Helping families resolve conflict through specialist legal expertise and constructive dispute resolution.
Last reviewed: 24 July 2026
Disclaimer: This page provides general information only and does not constitute legal advice. Every family law matter is different and you should obtain advice tailored to your circumstances.
