How to Manage Finances with Your Co-Parent

Often, divorcing couples struggle with how finances and child custody will be divided and all the costs that come along once the divorce is finalized.

When married partners use a litigated court divorce, it often becomes a win-lose situation. Couples utilizing the collaborative divorce model are paired with divorce experts committed to a peaceful resolution that is aligned with the divorcing couple’s wishes, such as a financial neutral, divorce coach and mental health professional.

We are often asked how child-related costs will be handled within the divorce agreement. Here are some suggestions we share with divorcing couples:

• Develop a list of the future expenses for the children – college, schooling, vehicle, clothes, etc.
• Plan for the unexpected – medical expenses not covered by insurance, insurance deductibles, life insurance, unplanned school expenses, sports, computers, cell phones, and camps, to name a few.
• Keep the lines of communication open. If strained, work with a divorce coach.
• Having an open mind can help when a compromise is needed.
• Both parents must always keep their children’s best interests in mind, putting themselves aside.

Finalizing your collaborative divorce agreement should outline how child costs outside of child support and co-parenting will be dealt with in great detail in the parenting plan.

Choosing a collaborative divorce means choosing a path of mutual respect and understanding. It allows couples to work together to create solutions that work best for their family, avoiding the adversarial nature of court proceedings. This approach reduces stress and helps both parties to move forward more positively and constructively.

When you utilize the experts in the Los Angeles Collaborative Family Law Association, you can rest easier because you will know that when your divorce is finalized, each party involved, including your children, will be ready to face the future confidently.

Call us today if you would like to learn more about how our members at the LACFLA can help you and your family through your divorce and preserve your children’s mental well-being!

Note: This information is general in nature and should not be construed as legal/financial/tax/or mental health advice. You should work with your attorney, financial, mental health, or tax professional to determine what will work best for your situation.