Sunday, 23 August 2015

What is a Binding Child Support Agreement?

A Binding Child Support Agreement allows you to make a financial agreement regarding child support payments and how they are paid. 

Each party wishing to enter into a binding child support agreement must obtain independent legal advice before making or entering into the agreement. 

You can also make a binding child support agreement that credits privately made lump sum payments or the value of a transfer of property against the liability that is payable under a child support assessment.  You can specify the rate at which the lump sum is to be credited at 100% or less.

If you include these provisions in the this type of agreement, you must have a child support assessment in place before the agreement can be accepted and the lump sum payment or value of the asset must be equal to or greater than the annual child support rate under the current child support assessment.

This is a complex area and we recommend you obtain legal advice from our Family Law Team by telephoning 03 9614 7111.

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