What is a binding child support agreement, and how does it differ from a Child Support Agency assessment?
What Is The Child Support Agency
The Child Support Agency is a government agency who have the responsibility of undertaking the task of making assessments of child support, in essence, they determine how much a parent is to pay as and by way of child support.
How is Child Support Calculated
In basic terms, the Child Support Agency considers the income of both parents and the number of nights in each parent’s care, when determining how much a parent should be contributing to the child’s upbringing. Generally, the more time a parent spends with the child, the less child support that is payable as they are paying for the child’s living expenses whilst in their care.
Alternatives
Rather than having child support assessed by the Child Support Agency, parents are able to reach their own agreement with regard to how much child support is payable and in what manner is it payable. In such circumstances, parents may enter into a child support agreement to formalise such arrangements, which may include a regular payment of child support and/or payments of other child-related expenses, including schooling, extra-curricular activities or medical expenses.
Types of Agreements
There are two types of child support agreements, the first being a binding child support agreement, which in basic terms, is in place until a child turns 18 years of age, or a limited child support agreement, which is able to be varied should the financial circumstances of the parents change.
Obtain Professional Advice from Advance Family Law
Entering into a child support agreement is a long-term commitment. In the case of a binding child support agreement, it is a compulsory requirement for parents to receive independent legal advice regarding the advantages and disadvantages of them entering into such agreement. Advance Family Law can help you, should you be contemplating such agreement or have any questions related to child support generally. We have a team of legal professionals that can guide you through the entire process.
For a free 15 minute telephone chat with one of our family lawyers, call us on (07) 5679 8016 or email info@advancefamilylaw.com.au.