What are the benifits and disadvantages to both sides? Also how do you go about signing over parental rights?

ANSWER

Agreeing to the other parent having Custody and signing away your “Parental Rights” are very different things.

First, you cannot sign away your parental rights. Termination of parental rights (TPR) can only happen by court order. This involves situations where the child has been abused or severely neglected and a TPR is not something that you would consider voluntarily.

Custody, on the other hand, can be shared by two parents or vested in one parent by agreement or court order. If your goal is to allow the child to live primarily with the other parent, then you can accomplish that by a consent order filed with the court as long as you have an open case. Still, you will want to set up an access schedule so you can be guaranteed certain times to see your son/daughter.

If part of your question is asking how can a parent avoid paying child support for the child, the short answer is that you cannot avoid this (unless someone else adopts the child) since the law states that both parents have a duty to financially support the child.