I think Consent Orders are made by the court, and are therefore an order of the court. I don't think they are binding until this as the judge can impose something else if s/he doesn't think they are appropriate.
A Consent Order is a legal binding agreement between the two parties and turned into an "order" by the Judge stamping it up after confirming you are both in agreement to it.
It then becomes a contract between the parties.
It would be extremely difficult to go back on this Consent Order as you both agreed to it at the time. It is possible though if you can show at the time of consenting certain facts were not taken into account.
I.E. If at the time of consenting to it, you were unaware of say..........erm...........the other party had hidden assets you were unaware of.
Contract does not play any part in divorce -so an agreement is not binding unless it is considered fair by the Court.
However, if the parties have made full disclosure of their finances the Court may consider an agreement reached between them enforceable.
To do this generally the parties have to have had legal advice
Then the party attempting to enforce the "agreement" has to show:
2.The party attempting to enforce has not resiled from it ie changed their mind
3. The agreement is fair
The case is Xydhias v Xydhias.
Now if an order has been made previously there are very limited grounds to seek a variation of a "final" order (as opposed to varying maintenance) and this is material non disclosure. It has to be serious and the Court will only alter matters if it would make a different order.
There is one other reason to change ( v rare) under the Barder principle. If there is a change which completely undermines the reason why the order was made in the first place the Court can consider a change but one must act v quickly and before the other party acts to their detriment.
Our mediator told us that she can draw up a memorandum of understanding with all of our agreements on it etc... We would then have to take it to our respective Solicitors (or i've heard of a single solicitor doing it for both parties but in my case it would be two separate ones) the Solicitors then give advice on the terms of the agreements and write up the order this is then taken to Court to be ratified.