As a parent, your number one priority is always the well-being of your child. This includes providing for their basic needs, such as food, shelter, and clothing. However, when two parents are no longer together, it can be difficult to navigate how those financial responsibilities will be handled.
One option that many parents consider is creating a Parent Responsibility Agreement, which is an informal form of child support. This agreement outlines how both parents will contribute financially to their child`s care.
What is a Parent Responsibility Agreement?
A Parent Responsibility Agreement is a document that outlines each parent`s financial responsibilities towards their child. This agreement is typically created between two parents who are not together but share custody of their child.
This agreement is not legally binding, but it is a formal document that both parents sign to ensure that they are both aware of their financial responsibilities. The purpose of this agreement is to ensure that both parents are contributing to their child`s care and to avoid any confusion or disputes in the future.
What are the benefits of a Parent Responsibility Agreement?
There are several benefits to creating a Parent Responsibility Agreement, including:
1. Clear understanding of financial responsibilities: When both parents sign a Parent Responsibility Agreement, they have a clear understanding of how they will contribute financially to their child`s care. This can help avoid any confusion or disagreements in the future.
2. Avoids legal fees: Creating a Parent Responsibility Agreement is an informal process, so there are no legal fees involved. This can save both parents a significant amount of money.
3. Can be easily updated: Because a Parent Responsibility Agreement is informal, it can be easily updated if circumstances change. For example, if one parent`s income significantly increases or decreases, the agreement can be updated to reflect that change.
How to create a Parent Responsibility Agreement?
Creating a Parent Responsibility Agreement is a simple process. Here are the steps involved:
1. Discuss financial responsibilities: Both parents should discuss how they will contribute financially to their child`s care. This includes discussing how much each parent will contribute and how often they will make payments.
2. Write it down: Once both parents have agreed on the financial responsibilities, it`s important to write it down. This can be done in a simple document that outlines the financial obligations of each parent.
3. Sign the agreement: Both parents should sign the agreement to show that they are aware of their financial responsibilities. While this agreement is not legally binding, it is a formal document that both parents should take seriously.
Conclusion
Creating a Parent Responsibility Agreement is a great way for both parents to contribute to their child`s care. This agreement can help avoid any confusion or disputes in the future and can be easily updated if circumstances change. If you`re a parent who wants to ensure that you`re contributing financially to your child`s care, consider creating a Parent Responsibility Agreement with the other parent.