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Binding agreements

Binding agreements are also written and signed by both parents, but have the following differences to limited agreements:

parents must seek independent legal advice to enter or end the agreement
each parent's lawyer must provide a statement that they provided the parent with independent legal advice
the agreement can be made for any amount that both parents agree to, including amounts less than the formula assessment
the agreement can only be ended by a new binding agreement or a court order setting aside the agreement
there does not have to be a child support formula assessment already in place.

Your lawyer will provide you with more information about this type of agreement.

Lump sum payments

Binding agreements can include lump sum payments (including transfer of property) to be credited as child support instead of monthly cash or electronic payments.

For these types of agreements, there must be a formula assessment in place and the lump sum must be equal to or greater than the annual child support rate under that assessment.

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