Binding Financial Agreements (BFAs) are popular, but they’re not the only way to manage finances in a relationship or after a breakup. Depending on your situation, other options might work better—or feel more comfortable.

Let’s look at the alternatives, how they work, and when they might be suitable.

1. Consent Orders

What are they?
Consent Orders are legally binding agreements approved by the Family Court. They’re often used to formalise the division of property or parenting arrangements after a separation.

When are they used?
Usually after a relationship ends, once both parties agree on how to split property.

How are they different from a BFA?

• Require court approval

• The court must agree the terms are fair

• More common after separation or divorce

• Cannot be used before or during a relationship

Example
Leah and Tom separated after 10 years. Instead of a BFA, they used Consent Orders to divide their property and super—because it gave them court-approved certainty.

2. Informal Agreements

What are they?
A private, non-legally binding agreement between two people—written or verbal.

Pros:

• Quick and simple

• No legal fees

• Useful for minor or short-term arrangements

Cons:

• Not enforceable

• Risky if there’s a future dispute

Example
Jess and Sam lived together briefly and agreed to split household items when they separated. They had little shared property, so an informal agreement suited them.

3. Parenting Plans (for parenting—not property)

While not a financial tool, many people confuse Parenting Plans with BFAs. Parenting Plans are voluntary agreements for children’s care but do not deal with money or property.

If you want to deal with both parenting and property, you may need separate agreements (e.g. a BFA and a Parenting Plan, or Consent Orders covering both).

4. Mediation Outcomes

If you attend family dispute resolution (mediation), you may reach a property agreement. These can be:

• Turned into a BFA (with legal advice), or

• Turned into Consent Orders (filed with the court)

Final Thought

BFAs aren’t your only option. Whether you’re starting a relationship or ending one, the right agreement depends on your situation. Consent Orders are great post-separation. BFAs offer flexibility at any stage—but always get legal advice to make sure you’re protected.