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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 09-16-2012, 09:44 PM
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Default Feedback please for Separation agreement: Child support section

Hi, looking for constructive feedback on a particular part of my separation agreement:

"CHILD SUPPORT

The parties will adjust the amount of child support paid each calendar year based on the parties' actual incomes for that calendar year. By no later than July 1st of each year, the parties will exchange their income tax returns, as filed, and notices of assessment, for the prior calendar year (the "applicable calendar year"). The parties shall then determine the appropriate child support obligation for the applicable calendar year, in accordance with the Child Support Guidelines. If the amount for child support has been underpaid for the applicable calendar year, it shall be paid no more than within 60 days in equal installments If the parties do not agree about the adjustment to be made, they will use the section of this Agreement entitled "Dispute resolution" to resolve the issue.

In addition to a yearly review, either parent may seek a change in child support if there is a material change in the condition, means, needs or other circumstances of parents and/or children that would affect child support.

Either parent having another child (ren) with another partner will not justify a change in child support.

The father may claim the Canada Child Tax Benefit including the National Child Benefit Supplement and the eligible dependent credit (formerly, equivalent-to-spouse credit) for two children (Simona and Matteo) in even numbered years. The mother may do so for the remaining one (Conrad) in even numbered years. The mother may claim the Canada Child Tax Benefit including the National Child Benefit Supplement and the eligible dependent credit (formerly, equivalent-to-spouse credit) for two children in odd numbered years. The father may do so for the remaining one in odd numbered years. When child support ends for one child, the mother and father will split the above credits. When child support ends for a second child, the father will claim any credits in even numbered years and the mother in odd numbered years. These benefits will not affect the child support in this agreement.

All child support payments should go through the Family Responsibility Office.

We will only contribute to new special or extraordinary expenses for the children if both parties consent to the expenses in advance, in writing. Neither party will unreasonably withhold consent. If the parties cannot agree, they will use the section of this agreement entitled "dispute resolution" to resolve the issue."
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Old 09-16-2012, 11:04 PM
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Quote:
Originally Posted by baldclub View Post
...
In addition to a yearly review, either parent may seek a change in child support if there is a material change in the condition, means, needs or other circumstances of parents and/or children that would affect child support.
...
Why have this paragraph?

Why not simply go with income as the sole determinate for CS?

I have this in the proposed SA that I wrote:

The Husband and Wife agree that significant financial change in circumstance for either the Husband or Wife (ie, job loss, etc) is covered in this Child Support agreement. Loss of income shall be covered by the Husband or Wife using their respective assets or other means until adjustments due to income changes are accounted for in subsequent yearly Child Support adjustments as stated in this agreement. The Husband and Wife agree that it is their individual responsibility to stay in a position to adhere to the current Child Support payment and agreement until changes to the Child Support payments reflect the new financial situation and neither will hold the other responsible to assist the other.
Increase in income will be accounted for by future Child Support yearly adjustments.
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child support, extraordinary expense, separation agreement, tax credit


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