Child Support Agreements

Child Support Agreements are very useful tool that lets parents decide how they will support their children. They are a legally binding agreement that outline the financial responsibilities of parents. Essentially who pays what and when. The are especially useful for stipulating payment od private school fees.

There are two main types of child support.  Administrative assessments and binding child support agreements. Administrative assessments are made by the Child Support Agency and are based on a formula that considers the income of both parents, the number of children, time with each parent and other factors. These assessments are binding, but they can be reviewed and changed if there is a significant change in circumstances. Changing assessments is time consuming and frequently difficult and frustrating for one or both parents.

Binding child support agreements, on the other hand, are agreements that are made between the parents and take the place of an admirative assessment. These Agreements registered with the Child Support Agency. Once registered, a Binding child support agreement can only be changed if both parents agree to the change.

To make a valid binding child support agreement, both parents must obtain independent legal advice and sign the agreement in front of a witness. The agreement must also include certain information, such as the names and dates of birth of the children and the amount of child support that is to be paid.

Once the binding child support agreement is registered with the Child Support Agency, it can be enforced if one parent fails to make the payments outlined in the agreement. It is important to note, the Agreement needs to be registered with the child Support Agency to take the place of an administrative assessment or the that assessment continues.

There is also a more limited version of a child support agreement, yes, it is called a limited child support agreement. It has restrictions on the time it remains in effect, and like the amount of child support – the agreement must be consistent with the formula assessment. The agreement cannot be registered with the Child Support Agency if it does not meet these requirements.

These agreements can be made at any time, but they must be registered with the Child Support Agency and both parents must obtain independent legal advice and sign the agreement in front of a witness.

It is important to get good legal advice on preparing a binding agreement. We can assist.