I PAY CHILD SUPPORT, BUT I DON’T KNOW WHAT IT GETS SPENT ON.
When the government assesses you for child support it provides you with a figure that you have to pay, each fortnight. Often this amount gets taken from your wages.
Many people who pay child support are terrified that the hard earned cash they pay to their spouse each fortnight is spent on things other than their children. In many cases, it is.
I AM HAPPY TO SUPPORT MY KIDS, BUT I AM NOT HAPPY TO SUPPORT MY EX’S LIFESTYLE
Most people are happy to pay as much as their children need. What they hate is the uncertainty and lack of control.
WHAT IS THE SOLUTION?
Binding Child Support Agreements are the solution.
A Binding Child Support Agreement:
- Is a legal document which ties the amounts you pay to a specific expense (or expenses)
- Takes precedence over your child support assessment
- Takes the money you pay for those specific expenses and credits those payments against support you would otherwise have to pay
WHY USE A BINDING CHILD SUPPORT AGREEMENT?
Client’s often far prefer an agreement to an assessment because:
- an assessment does not have to be in place;
- it can be for any amount (even less than an assessment if one was in place);
- it can include non-periodic payments such as school fees, orthodontic costs or a lump sum; and
- it allows for greater certainty and finality for the future as the circumstances in which the agreement can be terminated or set aside are significantly more limited.
Significant cost benefits can also be achieved by using an agreement instead of an assessment.
THIS SOUNDS EASY ENOUGH, WHERE DO I SIGN UP?
It is easy, all you need is the other party to agree. Generally, surprisingly, they do agree. If you chip in a little more than the assessment, payable by way of school fees or the kid’s orthodontics, it is very rare for the other side to argue with that.