Perhaps you and your soon-to-be ex-partner put the finishing touches on your divorce and child custody agreements. Before you celebrate, the two of you may want to schedule regular check-ins to discuss child custody finances.
Kiplinger explains why divorced spouses deserve regular check-ups to maintain their monetary health. Take steps to take care of your finances while raising shared children.
Life’s situations
You do not know what awaits you on the road ahead. While you may have a job and steady income now, that could change. If you become laid off, develop a serious and expensive health condition or get into a major car accident, those events may make it hard to keep up with child support payments.
If you know or suspect you could lose a stream of income or take a pay cut, having regular financial check-ins with the other parent may help you develop a plan together. For instance, you may touch bases with each other quarterly.
Setting boundaries
Depending on your current relationship with your former partner, you may have a hard time being around each other or having a civil conversation. Consider establishing boundaries with your check-ins, which means only discussing financial matters related to your shared children. Setting boundaries helps you keep your cool and makes it easier to focus on your kids and taking care of them.
During check-ins, try not to give your ex a hard time about how she or he spends money on your children. Remember, what matters most is your kids’ well-being, not yours. After your check-ins, consider sending emails to each other about what you discussed and to confirm agreed-upon money moves.
Communication acts as an essential component of co-parenting. With regular check-ins, you may find it easier to stay on the same financial page with the other parent.
