There is no doubt that divorces are tough and can get messy. You’re dividing assets you grew together and giving up a life you once thought was unbreakable. It is difficult when it’s just the two of you, but adding children to the mix makes it far more complicated. Knowing you’re going to have to give up days or even weeks at a time with your kids is hard to accept. Since your finances have already taken a hit, you’re probably looking for some financial tips for divorced parents. Let’s take a look at some of these tips.
Set a Budget for Your Children’s Expenses
Set a budget that you both agree on with your ex-spouse. You might not be married, but you’ll always be co-parents. No matter how hurt or angry you are, put those feelings aside for the well-being of your offspring, as they didn’t do anything wrong. Plan in the way you would if you were still together. How will you cover the basics, like food, clothing, medical bills, child care, and anything else that may arise? Is your time with your kids shared equally, or will one parent have them for longer than the other?
Less Custodial Time Doesn’t Mean Less Financial Obligation
In divorce cases, the non-custodial parent will have 88 days with the child on average in a year. Nothing replaces physical time with your children, but the amount of time you have with them doesn’t mean you aren’t responsible for their financial well-being. Try to reach an agreement with your co-parent based on a budget for your children’s annual expenses and set up payment schedules between you.
Treat Child Support Hearings as a Final Resort
Sometimes you have no choice but to involve the court for child support. However, it should be your last resort. The system protects you from the entire financial burden of raising your child, but it can also get messy. Decisions will be made on your behalf, and it will likely cause a further rift between you and your co-parent.
None of that is to say that you shouldn’t fight for financial support if your partner isn’t pulling their weight. Your children’s well-being comes first, and you should never be in a position where you have to decide against buying them the necessities because you can’t afford rent. While they’re a blessing, caring for children is costly.
Plan for Medical Expenses
When you set your budget, incorporate your child’s medical bills. They should regularly see their doctor and dentist. Roughly 50 to 75% of people would benefit from orthodontic treatment, so even if your child’s teeth are perfect, they need to be checked regularly.
The same goes for you in the process. You’re probably so concerned about co-parenting for your children and ex-spouse that you’ve neglected your well-being. Set a personal budget away from the money you have set aside for the children, and stay up to date with your medical appointments like you would for your children.
Find Ways to Save Money Around the House
Your financial status may have changed during the divorce. It isn’t easy to accept and you’ll recover, but you must learn to live with your new situation. That means saving money on things such as your rent or utility bills. There are ways of saving money in your home that you might not have considered. For example, you can save 10% to 30% on your energy bill with the proper installment of energy star certified heating and cooling equipment. An upfront investment could save you a surprising amount of money.
Planning your finances when you’re a divorced parent can be complicated and stressful. You and your ex-spouse are now co-parents, meaning your children come first. Set a budget and prepare for the unexpected. With a solid financial plan, you lessen the tension between the pair of you and, most importantly, make life easier for your children.
