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    • #55831 Reply
      AvatarAnonymous
      Guest

      My ex has asked if I would agree to a lump sum payout of child support – it would be 5 years worth. I’ve checked that I won’t be penalised somehow by the tax man. The only thing that was brought to my attention is the possible change in amount over the years. I can work that into it, just not sure how to do it fairly if both our incomes fluctuate. Also, it has to be through a legally binding agreement so no-one can change their mind in the future even if care or income or circumstances change. Is this a good idea?

    • #55847 Reply
      Lucy GoodLucy Good
      Keymaster

      It could be a good idea as if he losses his job, has another kids etc, that could affect and lower his payments to you, this way it’s guaranteed.

    • #55848 Reply
      Lucy GoodLucy Good
      Keymaster

      Also, to say it can work the other way around though in that he might start earning more which would mean you are entitle to more.

    • #55864 Reply
      Lucy GoodLucy Good
      Keymaster

      If you do this make sure you get things really carefully recorded to avoid issues in the future.

    • #55870 Reply
      Lucy GoodLucy Good
      Keymaster

      We did something similar in that we agreed in a financial split which was drawn up by lawyers into a financial agreement. It stated that we would never take money from each other after separation regardless of our financial circumstances. I didn’t find out until later that child support can over-rule a legal binding financial agreement. Something for you to be aware of.

    • #55871 Reply
      Lucy GoodLucy Good
      Keymaster

      And for your ex to be aware of too.

    • #55905 Reply
      Lucy GoodLucy Good
      Keymaster

      You can incorporate a lump sum in a FBA but this can’t be classed as child support which is an ongoing and often fluctuating payment based on a number of changing factors. Doing it this way is usually better for all concerned.

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