Facing a divorce, in and of itself, can be overwhelming. Along with confronting the big life change that is about to happen, there is a seemingly endless list of things you need to consider and plan for as part of the divorce process and set yourself up for the most successful post-divorce life you can. If there are children involved, there will be an added layer of complexity and more issues to consider. Especially when there are children, it will be critical to manage your finances before, during, and afterward, and through all of the changes that will come through these different stages. To most effectively manage your finances, however, you will need to know about things such as how childcare expenses will be divided after your divorce is finalized.
How Will Child Care Expenses Be Divided After Divorce?
Child support addresses the normal expenses that come with raising a child. This includes things like food, shelter, clothing, and some educational costs. Most states, like Florida, have guidelines and formulas in place to determine how much child support is to be awarded and to which parent payments should be made. Should there be childcare expenses that will need to be paid in order to accommodate the employment schedule of a parent, then this will usually be factored into the child support calculation. Each parent will be obligated to pay a percentage of childcare expenses based on their income.
While employment-based childcare expenses will be included in the child support award calculation, there are other childcare expenses that may not be. Expenses such as babysitting and extracurricular activities will not necessarily be addressed by child support. These are things that should be addressed when creating a comprehensive childcare agreement, or co-parenting plan, with the child’s other parent. Financial issues can often be a source of discord between divorced parents and so the more you can address with specificity in your plan, the better.
Think of all of the things that may not be covered by child support. It can quickly add up as it can include things like school supplies, sports and sports equipment, music lessons, tutoring, and much more. These expenses can be addressed during a divorce with enough foresight. You and your co-parent can even agree on things like what activities the child will participate in and allow for adjustments to be made as the child ages. You can decide how you are going to share these expenses. Most often, co-parents either split these expenses down the middle or make contributions based on a percentage of a parent’s income. An agreement on expenses should also specify how payments are going to be made and when.
Orlando Family Law Attorneys
While it can seem like a lot to deal with while going through a divorce, addressing details can be the key to a stronger post-divorce life. Talk to the trusted team at Orlando Family Team about how to protect your best interests during the divorce process and set yourself up for a successful and stress-free future. Contact us today.