When creating a co-parenting plan, finances are a critical element. According to the U.S. News, sometimes you will have to compromise or improvise in your financial plan.
The following tips can help you split your finances more amicably.
Create a system that works for both parties
The best way to handle child expenses is to create a system. While the court sets guidelines, you have to figure out how to cover expenses, not your parenting plan. For example, who will pay for extra-curricular activities or gifts? Should you compensate your ex for gifts or should they come out of child support?
Try to create an equitable system. For example, if your ex feels strongly about your child attending summer camp, you may ask him or her to pay the costs. If you want your child to play sports, you may cover equipment or uniform costs.
Do not include your children in financial discussions
Your children do not need to know about financial problems or your money woes. If you and your ex have disagreements about finances, kids do not need to become involved. If you have a reason to talk about it, you can, but be careful. For instance, if you cannot go on your annual family vacation, explain the situation to them. Try to make up for it in ways that will not cost too much money. Even if your ex is the reason you cannot afford something, do not blame him or her.
When it comes to working with your ex on a financial plan, always put your kids first. Remember that you may be splitting expenses and caring for your children longer than you think.