What are the "valid" reasons for modifying visitation?

Question Details:

The non-custodial parent has now decided that she "would like more time with her child". The non-custodial parent willingly signed a modification 17 months ago and agreed to 3 overnight visits one week and 2 overnights the next with no child support ordered. She previously had 5 overnights per week. She now wants 50% custody with one week on and one week off. No other changes in circumstances, child is doing well academically, emotionally and socially under current agreement.

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