What Is A Binding Child Support Agreement
As the name suggests, a binding child support agreement allows parents to make a binding financial agreement which sets out each parents’ financial obligations regarding the care of their children. Adelaide Legal’s Family Lawyers offer some useful information.
This allows parents to agree their contributions to expenses such as sporting and extracurricular activities, school fees and medical costs as well as ongoing weekly payments.
Carefully Consider The Terms
It is important to consider the terms of your binding child support agreement carefully as the agreement will likely be binding on you even if your circumstances change in the future.
Can The Agreement Be Terminated
A binding child support agreement can only be terminated if the parents execute another binding child support agreement, if the parents execute a termination agreement, or if the agreement is set aside by the court. The court will not terminate the agreement unless you are able to prove ‘exceptional circumstances’ have occurred which result in hardship.
Seek Legal Advice Before Signing
Each parent must seek legal advice before entering a binding child support agreement and we strongly recommend that you speak to us about the advantages and disadvantages for you if you are considering a binding child support agreement in place of a child support assessment.