Budgeting To Meet Children's Needs After Divorce

November 22, 2012

Budgeting to meet children's needs after divorce

One of the most difficult challenges divorcing parents in Nevada may face is how to manage finances so that children are adequately provided for after their parents split. Even determining custody of children must be done with an eye to allocating the parents' resources fairly so that the children's interests are protected.

The importance of budgeting

The court will want to see a budget from each parent, with attention to meeting the financial needs of the children. Details are necessary in order to come up with the proper determination of who pays child support, and how much. It is possible to modify child support later, but it's best to start out with as accurate an estimate as possible.

To come up with a budget as a single person, each divorcing spouse needs a realistic view of expenditures. It is a good idea to look back over a year's worth of receipts, credit card statements and bank records to determine what was spent as a predictor of future needs.

Once the records are gathered, the expenses for each adult and each child can be sorted and calculated. It is useful to separate expenses into categories, including food, clothing, education and housing.

Costs for children's activities like summer camp can add up. Parents need to ask themselves if they will need to cut back on some nonessential expenses after divorce.

In some families there will be extraordinary expenses, like extra medical costs, special tutoring or travel for parents separated by great distance. Parents will want to be sure that each of the children's expenses are taken into account.

An honest accounting

The other side of the financial picture is income. It is disappointing when parents do not face up to the responsibility to reveal income fully and openly, but at times one or more party to a divorce is not completely honest about finances. It is worthwhile to be vigilant and notice certain kinds of behavior that may indicate whether a spouse is hiding assets.

For example, financial statements that used to come to the home address might no longer show up there. To protect against financial hanky-panky, both spouses should receive copies of statements, and both should keep records.

An important ally

An experienced Nevada divorce attorney can help make sure that both parents make a full and complete financial accounting. Where children are involved it is especially important to provide adequate financial support, and an attorney will proceed with this important goal in mind.

Article provided by Mullins Law Firm
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