When parents reach an agreement in relation to child support, there are two options available to formalise that agreement.
Those two options are:
What is the Binding Child Support Agreement?
A Binding Child Support Agreement is a contract between the parents which sets out the terms of the agreement they have reached in relation to the amount of child support for their child/children and how that child support will be paid.
The main aim of a Binding Child Support Agreement is to formalise the future child support payable (usually until the children are all 18 years old or until they complete their final year of grade 12) and for the parents to have certainty in this respect.
Before entering into Binding Child Support Agreements, both parents must obtain independent legal advice from a solicitor before entering into a Binding Child Support Agreement.
What is a Limited Child Support Agreement?
A Limited Child Support Agreement is a less formal written agreement that can be entered into between parents in relation to formalising future child support. It is in the same format as a Binding Financial Agreement, but does not require independent legal advice and has some different rules that apply.
For a Limited Child Support Agreement, there must be a child support administrative assessment in place and the amount payable in child support must be equal to or more than the current child support assessment.
To decide what child support agreement best suits you and your circumstances, contact the team at James Noble Law today and book a FREE 20-minute initial consultation.
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