For many parents, a breakdown of their relationship can create concern about their ability to provide financially for their children.
Most parents would be aware of the existence of periodic child support, which often involves regular payments made by one parent to the other, with the payment amount determined by Services Australia by applying an administrative child support formula.
However, children may require additional financial support if they have needs above those covered by the administrative assessment.
For example, the cost of private school fees, orthodontic work or high level sporting activities might be outside of what can be covered by the periodic payment.
Susan Fridey, a family lawyer and director at Wightons Lawyers, explains: “Many parents still want to provide the best for their children but are uncertain as to how to share the cost. Those parents may need to consider a child support agreement that enables them to tailor the financial support they provide for their children against their income and other commitments”.
If parents are considering a child support agreement, care needs to be taken to ensure the agreement is drafted properly.
Susan highlights “current legislation includes requirements that a person must be an eligible carer to receive those payments. Child support agreements must be correctly drafted to ensure that they comply with those requirements, otherwise they risk being terminated or suspended”.
Obtaining legal advice at an early stage will provide parents with information about the fundamental requirements for any agreement and allow them to consider how changes in circumstances will affect the ongoing terms of the agreement, to avoid inadvertently terminating or suspending the agreement.
If you wish to obtain more information, please contact our family law team at Wightons Lawyers on 5221 8777.
This article is general information only and is not legal advice or a substitution for such advice.
… as seen in Times News Group publications.