Working out financial matters with your co-parent

On Behalf of | May 4, 2021 | Divorce |

Trying to work out shared expenses with an ex when you have children together can be a challenge. Both parents likely have an idea about what they feel that the children need. The issue might come down to who’s going to pay for them. 

There are several ways that you can work with your ex to determine these money matters. It’s imperative that you always keep the kids as the focal point of these situations. 

Know how payments will work

One of the important points to know when you share expenses is how this will work. Typically, one parent will pay for the expenses, and the other parent will reimburse their own share. You and your ex should agree to the payment terms before either one of you makes any payments unless there’s an emergency. You may need to have terms drafted both for necessities and wants. 

Set budgetary limits

While most parents want their children to do all the extracurricular activities they want, this isn’t always possible. You need to take a realistic look at your budget to determine whether you can afford these activities. It isn’t fun telling your kids that something is out of your reach, but doing so can help you alleviate some of the financial stress on your shoulders. 

Reaching agreements about finances when sharing custody

Including information in the parenting plan about who will pay for different expenses can make matters easier for you. You’ll still need a plan to determine who’s responsible if you forgot to address the matter in your parenting plan, though. Your attorney can help you to determine how to handle similar situations as this.