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Shared custody and your finances

On Behalf of | Apr 13, 2022 | blog, child custody | 0 comments

Sharing custody of your children might be one of the trickiest parts of a divorce. Both you and your ex could have careers, personal relationships and individual commitments to balance alongside raising your children.

While shared custody requires the balance of many aspects, coordinating the financial obligation of raising your children might be the most challenging. Finding a compromise will require time and flexibility from both parties.

Live conservatively

Life after divorce usually requires some adjusting. For example, your split might mean relocation to a new home. It could mean you need to pick up more hours at your current job. You may lose a substantial amount of income. You might go from being a full-time parent to working outside your home. While you navigate the complexities of splitting from your spouse, budgeting and living conservatively will benefit you.

Plan ahead

Anticipating the fact that you might shoulder a significant portion of the financial responsibility of raising your children, start planning now. Include in your budget money to go toward necessities including fuel, clothing, food and shelter. According to U.S. News, you might need to talk about financial woes with your children. They may need to temporarily stop some of their extracurricular activities until you can afford to pay for them. If you notice financial strain, you could talk to your children about cutting back on unnecessary expenses like eating out or going to the movies. Involving your children in these conversations might encourage understanding during a difficult time.

Collaborate with your ex to come up with an agreement about how you will split financial responsibilities. With some sacrifice from both sides, continuing to share the responsibility of raising your children can be more positive for everyone involved.