Successfully discussing family finances after divorce

| Apr 1, 2020 | divorce

Most divorced Missouri parents can relate to the difficulties of co-parenting following the dissolution of their marriage. Typically, the divorce process and post-divorce existence come with a multitude of challenges, and often, the list becomes longer when children are added into the mix. Many separated and divorced parents find managing finances concerning their shared children particularly intimidating, often causing stress and conflict. Divorced parents can benefit from the following tips.

For one, divorced parents should refer to the divorce decree if disagreement or miscommunication arises. This document that officially marks the termination of a marriage often includes a clear breakdown of cost responsibilities for each parent. In most cases, parents will find this document provides everything they need to know to resolve a conflict. It might be helpful to set up a regular schedule for communicating about finances, perhaps monthly, and to focus on what’s best for the kids during such conversations. As well, during this time, parents should be sure to discuss possible future expenses and consider how these will change the budget.

Parents can also turn to various mobile and web solutions to help them organize financial matters. Such tools have the added benefit of leaving a paper trail, which will help keep both parties accountable and fully informed. Finally, now that child support is neither tax deductible for the payer nor taxable for the recipient, divorced parents may instead consider strategically filing for head of household to optimize benefits for the family as a whole.

Conversations around financial matters can be stressful, particularly between divorced parents. Those who keep these guidelines in mind can reduce the stress level and increase the chances of successfully co-parenting. Many separated Missouri parents find an experienced family law attorney a valuable resource to help them effectively navigate the divorce process, including negotiating and managing a co-parenting situation.