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I'd tell him it'll release him from paying child support
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This is illegal - it's called coercion. If you want to keep things above board, never mention money. It's also not a decision YOU can make anyway- it's up a judge and adoption does not automatically remove support obligations. It's stops future obligations, but if he is in arrears, those may or may not go away - it's up to a judge (and sometimes, a totally seperate case to the adoption, which you have to file for).
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But you will need his agreement to this adoption
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It'll be easier with it - but if he's abandoned her, you don't
need it. Talk to an attorney who knows the laws in your state.
It's a better idea never to mention money. Leave it up to an attorney. Agreeing to 'forgive arrearages' in order to facilitate the adoption is seen as 'financial motivation to complete an adoption' - something more and more judges are starting to take very seriously.