The breakdown of a relationship is financially hard enough, however when there are children involved, it is imperative that both parents, and in particular the primary carer, has the security of child support to provide support and care to the children.
A binding child support agreement allows the parents to make arrangements that are best suited to them and the needs of their children. This agreement allows for both periodic and non-periodic child support payments. Periodic payments are equal payments of a predetermined amount that occur on a regular basis. For example, parties may agree that the payee is to receive $200 per week. This payment can be used at the payee’s discretion, and can be utilized to pay for groceries, clothing, and any other expenses as they see fit. Non periodic payments are ad hoc payments that make allowance for other significant costs associated with raising children.
Non-periodic payments can cover expenses such as medical expenses, school fees, school uniforms, dental expenses and extra-curricular activities. These are usually paid by way of reimbursement once the expense has been incurred.
Binding Child Support Agreements allow the parties flexibility to come to an agreement that best suits their family’s needs.
How can we help?
The Family Law Team at Coutts have extensive experience in negotiating and drafting Binding Child Support Agreement, tailored to cater for the financial needs of your family. It is imperative that you receive legal advice before entering into a Binding Child Support Agreement and our Lawyers are more than happy to assist.
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