When parents decide to separate or divorce, one of the most important things they need to consider is child support. Child support is a legal obligation of both parents, and it can be established through various types of child support agreements.
Here are the three most common types of child support agreements that parents typically use:
1. Court-Ordered Agreements- This is the most common type of child support agreement and is typically established in court. This agreement evaluates the income of both parents, the child’s needs, and the parenting time of each parent to determine the monthly support amount owed. The court order specifies the payment schedule, payment method, and how long the agreement will remain in effect.
2. Mediated Agreements- Mediated agreements are established through negotiations, with the help of a mediator. This person helps parents reach a judicially enforceable agreement that determines the child support amount and specifics. In this type of agreement, parents collaborate, discuss their concerns, and work to establish a mutual solution to their child support needs.
3. Informal Agreements- Informal agreements are established without the assistance of a court or mediator. They are typically done with a handshake or word of faith and often are not as enforceable as court-ordered child support agreements. Parents usually agree on an amount, payment schedule and method, and the duration of the agreement. However, the main downside to this type of agreement is a breach of trust or an inability to enforce its terms.
In any of these agreements, it is vital to ensure that the child’s best interests are accounted for in terms of financial support. Parents should consider the additional costs, such as healthcare, education needs, transportation, extracurricular activities, and other essential expenses.
In conclusion, child support agreements can be established in different ways, but it is essential to choose the right option that works for you and your family’s situation. Regardless of the type, child support should always be put first to ensure the child/children are well taken care of.