When it comes to child support agreements, a limited child support agreement form can be a convenient and cost-effective option for parents.

A limited child support agreement form is an agreement between parents that sets out the amount and frequency of child support payments. Unlike a binding child support agreement, a limited agreement only lasts for a maximum of three years and can only be entered into if certain conditions are met.

One of the conditions for a limited child support agreement is that both parties must obtain independent legal advice before signing the agreement. This is to ensure that both parents fully understand their rights and obligations under the agreement.

Another condition is that the agreed amount of child support must be equal to or more than the amount that would have been paid under the child support formula. The child support formula is a set of guidelines used by the government to determine the amount of child support payable based on the income of the paying parent.

A limited child support agreement can provide flexibility for parents who want to agree on a different amount of child support than what would be payable under the formula. For example, if the paying parent has significant parenting time or provides a substantial amount of financial support for the child, the parties may agree to a lower amount of child support than what would be payable under the formula.

It’s important to note that a limited child support agreement can only be made if the child is not receiving any Centrelink payments, such as Family Tax Benefit. This is because if the child is receiving Centrelink payments, the amount of child support payable is determined by Centrelink, not the parents.

If you’re considering a limited child support agreement, it’s important to seek legal advice to ensure that the agreement meets all the necessary requirements and protects your rights and interests as a parent. A professional can help ensure that your article on limited child support agreement form is well-researched and provides valuable information to your readers.