Ending a marriage is particularly hard when you have children. It is such an emotional time, yet you need to think clearly and rationally as you make financial decisions.
Your child custody attorney Boise ID can assist you with your parenting plan, which includes money matters. Here are some child-related financial issues you are likely to encounter in your divorce proceedings.
Child Support
The court will determine the amount of child support the custodial parent receives. Each situation is unique, but the amount is typically calculated according to established state guidelines. In Idaho, payments may be made in several different ways: through an employer, online, by check or over the phone.
Shared Expenses
Child support will not cover all of the expenses associated with raising your children. Educational expenditures, extracurricular activities and medical expenses not covered by insurance can add up. Such costs are generally split by parents, and your divorce agreement should identify how payments will be made. Expense tracking apps can help parents record expenses; mobile payment services allow parties to transfer money with little interaction.
Be sure to agree on expenses ahead of time. No one likes to be blindsided by a bill or have to make continuous demands for money. Be precise in your divorce agreement and you may avoid undue conflict in the years to come.
Health Insurance
Most divorce agreements state which parent should provide health insurance for the children. If both parents have access to health coverage, you may choose the most comprehensive or most affordable plan.
Taxes
The IRS only allows one parent to claim each child, so you and your spouse should decide ahead of time who will claim the children as dependents. Your decision can affect who files as head of household, who claims the dependent care credit and who qualifies for the earned income tax credit.
You make many tough choices during divorce proceedings. Be especially careful when making financial decisions — they can affect your children’s lives for years to come.
