There is some information missing to give you an accurate answer but I will try. I am not sure what you mean by signing over. Is someone else adopting your children? if someone is adopting them and you are giving up your parental rights then you will have no rights or obligations. As to the arrears, if your ex wife has received or is receiving public assistance, you will not be able to get rid of any child support arrears. The reason is that the money is owed to the government because they are giving her or gave her public assistance. Even if she is not receiving it now, if she received it and some of the arrears is owed to the government they will likely not agree until you have paid off the arrears.
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You owe the child support, it is not going away. Even if your ex drops the child support order she can go back to court next month and have it reinstated to full guideline level. The only way you alleviate yourself of child support responsibility would be if she files a petition to terminate your parental rights in conjunction with another person adopting the children. Otherwise, no dice, you are going to owe child support.
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You still owe the back child support. It is unclear whether you are signing your rights away so that another person will be adopting the child or not. The only way future child support can be terminated is if your child is adopted by another person. If this happens you will have no obligation to support that child. However, you will have no rights to be in the child's life either.