Monday, October 9, 2023

Caring for Your Kids Financially During a Divorce


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Caring for your kids is, as a parent, always going to be your top priority, and this is even more the case when you and your spouse decide to get divorced. Yes, there may be lots of things going on with you and your partner and you will need to dedicate a lot of time and effort on them, but it will be just as turbulent a time for your children, who will need even more love and care than ever to reassure them.

One aspect of caring for your kids during a divorce that is really important, although it might not seem as immediate as consoling and reassuring them, is ensuring that they will be financially ok no matter what, and with that in mind, here are some tips:

1. Shop Smart for a Lawyer

If TV shows have taught us anything, it's that lawyers can be, well... costly. But, and this is a big BUT, not all great divorce attorneys require you to auction off your grandma's vintage teapot collection. Research and shop around for affordable divorce lawyers who come with raving reviews and won't have you digging too deep into those pockets, so you can save more for your kids’ futures.

2. Open an Account Just for the Kiddos

Having a separate account exclusively for your children's expenses can be a lifesaver. This way, you can easily track spending, ensuring that all those kiddo-related bills are paid promptly and without a hitch.

3. Get Real with Your Budget

Alright, Captain Obvious might be speaking here, but a clear budget is your best friend during this time. Sit down, sip on your favorite tea or coffee, and break down all the child-related expenses. Think school fees, after-school activities, medical expenses, and the occasional ice cream splurge. Being aware of the outflow will help in managing your resources better.

4. Communication is Key

Talk to your soon-to-be ex-spouse. As challenging as it may sound, getting on the same financial page is essential. Discuss who'll handle what expenses to avoid doubling up or, worse, missing out on payments.

5. Stay Insured

Ensuring your children remain covered by health insurance is crucial. Whether you decide to keep them on a joint plan or switch to separate ones, make sure there's no gap in coverage.

6. Cut the Unnecessary

Now's a good time to assess those expenses. Does Junior really need three kinds of art classes? Perhaps he's only passionate about painting and could do without pottery and origami for now. Focus on what's essential and what genuinely enriches their lives.

7. Don't Forget the Emotional Bank

Hey, your kid's emotional well-being is as crucial as their financial one. Ensure they have avenues to express themselves, whether it's through therapy, talking to you, or engaging in activities that help them process their feelings.

8. Educate Your Kids (lightly!)

Depending on their age, this might be a good time to teach them a tiny bit about budgeting. Maybe they get a modest allowance and need to learn about saving and spending. It's not just a distraction but a valuable life skill.

9. Reach Out

You'd be surprised at the resources available for parents going through a divorce. From non-profits that assist with school fees to community centers offering free activities for kids, there's a lot out there. All you have to do is reach out.

10. Keep the Future in Sight

Perhaps set up a small savings account for future big-ticket items, like college. Even if you can only contribute a tiny amount now, every bit helps.

Now you know how to care for your kids financially when divorcing, it will be one less thing for you to worry about!

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