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The Financial Aspects of Divorce When Children Are Involved

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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.

Photo by Jordan Whitt on Unsplash

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.

Getting the Documents That Are Needed for a Smooth Divorce

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Most people do not enter into their marriage thinking that they’re going to get a divorce. They enter into their marriage thinking that they are starting an arrangement that is going to last them for the rest of their lives. Many people get married only after the have taken the time to get to know the individual who they are going to marry. They discuss important issues like financial issues, family, and future goals. Only then do they make that decision to join the lives together through the ceremony of marriage.

Unfortunately, as statistics bear out, more than 50 percent of marriages end up in divorce. While most divorces do not catch the partners off guard, it can still be that the individuals involved in the divorce are not as prepared for the complicated legal and emotional challenges they are going to face.

Part of these legal and emotional challenges stem from the fact that when two people get married, they are basically taking both of their lives and melding them into one. This means that the financial obligations of one individual are now the financial obligations of another. Property is usually jointly owned. If the marriage results in children, both parents have an equal legal right to raise and care for the children after the divorce.

By the time frustrations reach the point where a marriage is dissolved in divorce, both partners are avoiding each other, they barely talk to each other, and communication has become so strained that it is difficult to come to a consensus on anything. In this environment it is very difficult to gather all of the necessary legal documents that are needed to properly file for divorce.

Of course, this is the reason why most divorcing individuals seek the assistance of a divorce attorney. They will usually pick an attorney who practices in the state where they live. This is because a Texas divorce attorney is going to be a lot more familiar with divorce papers TX than an attorney from Minnesota.

The sooner that one can get an attorney, the better the outcome will be. Collecting all the documents needed for the divorce, as well as filling out any forms that are required by the judicial system, is time-consuming and can be frustrating.

Most people do not get married planning for divorce. However, when it is clear that a divorce is inevitable, it is wise for both parties to take steps to gather the needed documents to make the divorce process go as smoothly as possible.