A Binding Financial Agreement is an agreement entered into before, during or after a relationship. If a Binding Financial Agreement exists the Court will not have the power to make an order affecting the matters covered by the agreement. As a result, a Binding Financial Agreement will only be binding if it includes proper financial disclosure of the parties’ circumstances and attaches Certificates from independent Solicitors certifying that the parties have been advised of the advantages and disadvantages of entering into the agreement.
In some circumstances a Binding Financial Agreement can be set aside by a Court. As such, Consent Orders are preferable where available.