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Getting parents on the same page financially after a divorce

On Behalf of | Jul 18, 2019 | Divorce

Money is often a factor that contributes to divorce. However, if parents in Kentucky no longer living together continue to squabble over finances post-marriage, it can be difficult to effectively co-parent. This is especially true when it comes to issues with expenses related to children after a marriage ends.

A commonly recommended starting point for divorced parents looking to avoid serious financial issues related to their children is the divorce decree. If this document is well-prepared, it can address various cost responsibilities, such as expenses for education, health-related care, essentials like clothing, and extra-curricular activities. This process sometimes involves bringing in a certified financial planner or a similar number-cruncher so a divorcing parent can ensure that very specific money-related details are covered.

Maintaining ongoing communication may also keep divorced parents on the same page financially. Establishing guidelines can make such an arrangement workable. For instance, both parents might agree on a communication system – e.g., emails, text messages, or phone calls – that will be used solely to discuss matters related to the kids. It may also be beneficial for parents to explore the possibility of changing financial needs as children get older. Also, mobile and Web-based software may make it easier for parents to remain financially informed by uploading receipts and having access to the same data. Additionally, some online platforms allow both parties to directly deposit money in accounts set up specifically for the children.

A divorce attorney might also put a divorced parent in touch with an accountant to determine if they may able to qualify for head of household. If they do, this designation could allow a parent who normally has a child living with them for more than half a year to enjoy a sizeable deduction. If parents’ financial resources change significantly, a lawyer may also recommend that adjustments be made to the divorce agreement.