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Handling financial matters with a co-parent

On Behalf of | Aug 26, 2021 | Child Support

People who are going through a divorce know that finances are often a primary concern. For those who share children, financial matters will continue to be a focal point even when the divorce is done. This is because raising children is expensive. 

It’s usually best for the co-parents and the children if the adults can come up with a plan for how they will handle financial issues related to their care. Knowing ahead of time what each parent will have to pay is important because both parties can better balance their budgets and be prepared.

Cover the basics

Each parent has an obligation to provide for their child’s food, shelter, clothing and other necessities. Much of this will be addressed within the child support agreement that is eventually established, but parents should also talk about other important items, including who will pay for the child’s healthcare premiums, co-pays for doctor’s visits, school field trips, uniforms and other essentials that are commonly needed by children.

Discuss the extras

Some expenses for the children, such as dance or martial arts classes, also need to be discussed. Determine how these will be split. Clear boundaries must be established so that both parents can handle paying their portion of these bills — and it’s wise to discuss the timeliness of payments so you can avoid disputes down the road.

Anyone who’s going through a divorce should be prepared to work out the parenting plan. This is the guide that you and your ex will follow regarding the children. Getting this done quickly can help everyone, especially the children, to adjust to their new way of life.