Child Support Agreements
All parents have an obligation to meet the child maintenance and support costs for their children. For expert and specialist advice on Child Support call us today!
What is a Child Support Agreement?
A child support agreement, is an arrangement between parents regarding the maintenance and financial support for their children following separation.
There are two kinds of child support agreements: limited agreements and binding agreements. For more information on binding child support agreements continue reading below.
What is a limited child support agreement?
A limited child support agreement is an agreement between two parents that is in writing. For a limited child support agreement to be accepted the child support paid must be at least the same or more than the assessed amount.
The child support agreement is limited because after 3 years either parent can terminate the agreement. The agreement can also be terminated during the 3 year period if:
> parents make a new child support agreement;
> the parents terminate the agreement in writing;
> if a parent applies to the Child Support Agency to make a notional assessment and the assessment varies by 15% or more.
What is a binding child support agreement?
A binding child support agreement is a legal agreement that is:
> in writing;
> signed by both parties;
> each party has received independent legal advice before they sign the agreement.
You and your former spouse can choose to enter a binding child support agreement. You do not need a child support assessment.
It is very important that if you are considering entering a binding child support agreement that you understand the effects of the agreement on your rights and also be aware of the advantages and disadvantages.
Binding Child Support Agreements are very difficult to terminate and it is for this reason that specialist legal advice is obtained.
General Information – Child Support
All parents have a duty to care for and financially maintain their children, this is known as child support. If you are a parent and need information about child support, your obligations and your rights, contact us for specialist advice.
Child support is governed by the Child Support (Assessment) Act 1989 and provides for the Child Support Agency to calculate and collect child support from the liable parent. A child support application cannot be made under the Family Law Act 1975, unless the application for an administrative assessment of child support has been reviewed.
Getting an accurate child support assessment can assist you and make a difference to your family. You can also enter into a limited or binding child support agreement if you consider that this is appropriate for your situation.
Binding Child Support Agreements
You and the other parent of your children can elect to enter into a legally binding child support agreement. This agreement can deal with the payment of school fees, including private school fees and extra-curricular activities for your children. Binding Child Support Agreements can also deal with the cost of health insurance and medical and dental costs. If you are thinking about entering a Binding Child Support Agreement, you will need expert assistance.
We pride ourselves on making sure that whatever the terms of the Binding Child Support Agreement you are well-protected and informed of your responsibilities and consequences of entering the agreement.
If you require further information about Binding Child Support Agreement, please contact us today.