A binding child support agreement is a private written agreement between two parents, setting out the child support arrangements for the children. This provides both parents certainty about their future child support obligations or income.
This can include regular periodic payments, and/or lump sum payments including school fees and associated expenses, medical expenses, private health and ongoing children’s activities.
In order for a binding child support agreement to be valid, the agreement must meet certain criteria including:
- Having the agreement made pursuant to the Child Support (Assessment) Act 1989; and
- Each party having independent legal advice and a certificate signed to that effect.
When providing advice as to whether to enter into a binding child support agreement, your legal representative must carefully assess and comprehend your financial situation as well as any other relevant circumstances (including those of your former partner and any potential new partner). When entering the agreement you agree that in doing so you have taken into account all future circumstances or contingencies.
This Agreement will remain in effect until such time as either the child attains the age of 18, the child enters a defacto relationship, the parent receiving child support has less than 35% care of the child, and/or the child dies. This agreement can be varied by way of a termination agreement, or an order of the court setting aside the child support agreement.
It is incredibly important when entering into a binding child support agreement you have considered all relevant information, and the advice of your legal representative to ensure you are making a decision that is best for your family.
This agreement should be registered with the Child Support Agency in order to ensure the enforceability of the support payments.
If you have any questions, get in touch with Gold Coast family lawyers, Richardson Murray.
