We know that for many couples going through a separation, the discussion surrounding finances can be a tricky one to navigate. It can be a source of a lot of contention and conflict, and this is especially true if you have children that you are co-parenting in the wake of your divorce.

In this article, we’ll discuss some of the ways you and your partner can deal with your finances after your separation and the importance of having plans in place to secure your financial stability for the benefit of you and your children.

Create a detailed parenting plan

The most important thing you need to do as co-parents is to come up with a detailed plan of your responsibilities when it comes to caring for your children once you are separated and how you are going to support them financially.

If you can, you and your partner should take the time to sit down together and discuss all of the expenses that you need to cover for your child, whether that’s money for food, travel costs to and from school, or any of the extra-curricular activities they make take part in.

Once you have outlined exactly which non-negotiables you have to cover, you can discuss the best way to approach this. You may decide that each parent covers certain financial costs, or you could choose to have an account where you both deposit money each month to cover all of the necessary expenses for your child or children.

Establish a child support agreement

Establishing a child support agreement allows both parents to come together to set plans in place to make sure that a child’s living costs are covered. This is often undertaken with the support of a third party or a mediator, who can offer impartial guidance and financial advice.

This child support arrangement will be based on each parent’s income and the needs of any children in the family and helps parents ensure that their children have financial stability and helps to minimise any conflicts surrounding financial contributions.

Aside from the finances, a child support agreement can also help parents navigate arrangements for when each parent will spend time with their child, including things like special occasions such as birthdays and holidays. Ultimately, you want such occasions to remain positive and stress-free for you and your children, so having plans in place ahead of time will reduce any potential conflict.

Maintain open communication

We know that throughout a separation, it can be tough for couples to be able to communicate honestly and openly, particularly when feelings surrounding the divorce are still so raw. However, when it comes to discussing your financial situation, being open and transparent about such matters is crucial.

Each parent has a responsibility to be honest about any potential changes to their income or their expenses, as this could have an impact on the finances required to support your children in your co-parenting arrangement. Being upfront and honest about your financial situation can help to prevent misunderstandings and promote cooperation between both parties.

Prioritise the children’s wellbeing

As a parent, we understand that the wellbeing of your child should always be your number one priority, and this is especially true when it comes to co-parenting after separation.

Keep their best interests at the forefront of any financial decisions you make, so you can provide them with the support they need to be able to live their lives to the fullest. This may require some sacrifices along the way, but their wellbeing and overall happiness will make it worthwhile.

Despite the challenges that going through a divorce brings to the table, if you can co-parent in a respectful and collaborative way, you can ensure that your children will continue to grow up in a stable and nurturing environment.

If you feel like you and your partner could benefit from some additional guidance as you navigate your financial situation in the wake of your separation, you could seek out help from professional family law solicitors. These specialists will be able to help you make decisions that are in the best interest of your family and will deal with your case in a kind and empathetic manner.

 

 

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