In the realm of property settlement after a separation, the formalization of agreements through Consent Orders or Financial Agreements plays a crucial role in ensuring the finality and enforceability of the settlement. Once formalized correctly, the chances of these agreements being set aside are generally slim.

For a Consent Order to be set aside, an individual would need to file an application under Section 79A of the Family Law Act and demonstrate to the Court that there has been a miscarriage of justice due to fraud, duress, suppression of evidence, impracticality in carrying out the order, default in carrying out an obligation imposed by an Order, exceptional change in circumstances relating to the care of children, or a proceeds of crime order made against a party (which is very rare).

On the other hand, setting aside a Financial Agreement is a more challenging process, especially if the agreement was properly drafted and the parties received sufficient legal advice.

It's important to note that the Family Law Act is not intended to allow individuals to seek 'another bite of the cherry' in terms of property settlement. If a person is not experiencing hardship at the time of settlement, they are unlikely to succeed in seeking a review of the settlement in the future. The assets received at the time of the property settlement and the length of time that has passed will be relevant considerations in any review application.

Given the complexity and costliness of these processes, anyone seeking to set aside Consent Orders or a Financial Agreement would need to engage a solicitor with experience in such matters. The technical nature of these arguments and the potential for cost orders to be made against the unsuccessful party highlight the importance of seeking expert legal advice in these situations.

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