In Australia, parents are legally obliged to provide financial support for their children. This is commonly known as child support.
Child support is assessed by the Child Support Agency. The Child Support Agency applies an eight-step formula to calculate the child support payable by one parent to the other.
However, parents can come to an agreement privately with respect to the amount of child support payable. This agreement can be recorded in what is called a Binding Child Support Agreement. If the agreement is properly recorded and each party obtains the required legal advice, the terms of the parties’ Binding Child Support Agreement will be legally binding and enforceable.
The law relating to Child Support is complex and technical. Child Support can take many forms and is not limited to cash payments. For example, it can be the payment of specific expenses such as school fees, extra-curricular or sporting expenses.
You may not be satisfied with the Child Support Agency’s assessment of child support.
Whatever your circumstances, you should seek legal advice in relation to your child support matters to ensure that the best outcome is achieved for you and your children.