Children Custody Divorce Financial

What people are surprised about when investigating the children and spousal maintenance budget

Many people have no idea how much their children actually cost, and when it comes to preparing a budget at divorce they are often surprised by the figures.

Photo by Trong Truong on Unsplash

When I get to the financial discussion with clients, particularly with reference to the children, I always ask them if they intend to educate their children to take care of either parent when they are old.

If not, then I advise clients to do the right thing now and set each other up for a sustainable old age. 

Questions that must be considered include: How equal is the lifestyle in each home? If it is vastly unequal, what effect will that have on the children? Then there are matters that you won’t necessarily be thinking of now, but that will become important in future: For the sake of your children, do you both want to be at special events, such as their weddings and the birth of grandchildren? If so, be kind to each other now. 

Don’t lose each other’s goodwill.