If both parties reach an agreement as to a property settlement or parenting arrangement, the can formalise this agreement by making an application to the Family Court for Consent Orders.
Consent Orders have the same legal effect as an Order made by the Court after a hearing, meaning that if a party acts contrary to the Orders, referred to as ‘breaching the order’, the Court can apply penalties such as fines or in extreme circumstances, imprisonment.
In financial cases, it is a requirement of Consent Orders that both parties make full and frank disclosure of their financial position at the time the Orders are made. If this does not occur, the Orders can be reversed when the true position is discovered.
Consent Orders will afford you the most protection as they are easier to enforce. In addition (in limited circumstances), you can make an application at a later stage to the Court to vary the orders.