My wife and I have informally agreed terms for our divorce.
We initially agreed that I would pay a lump sum to her from the settlement to cover future child maintenance costs.
However, I have been told that this would not be ratified by a court and that after one year my wife would be able to go to the CMS and have another claim evaluated. My concern is that she may spend the lump sum long before the kids reach 18 years old and I may be liable to pay more money.
She, however, has an unwarranted concern that I may drop out and go travelling thereby leaving her with no child maintenance should I not pay the money up front.
We would like to come up with a solution that would suit both parties (we talk regularly and are on good terms). I have suggested that the lump sum is held in a trust fund by an impartial third party and the maintenance is paid to her monthly until the children reach 18. Would this be ratifiable?
If not, are there any other similar options?
Thanks in advance.