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A fair financial settlement for parents with joint custody

| Nov 4, 2020 | divorce

Many parents choose to continue to parent their children together after their divorce is final. Joint custody is often a beneficial choice for a family because it allows children to continue to have strong relationships with both parents. While it provides a sense of security and continuity of lifestyle, it can also be expensive. It is important for a California parent to seek a fair financial settlement that will allow him or her to handle these financial needs.

An important consideration is not just meeting the needs of the kids now, but well into the future. It is easy to allow emotions to drive decision-making, but it may lead to a final order that is financially inequitable. Even with child support, many additional expenses come along with having kids. Parents may need to talk about ways to share these expenses, which may include using certain apps to help with this.

Parents may need to be careful when choosing a health care plan, and they may need to set up an emergency savings fund. Unexpected events in life can be costly, and one or both parents may face expenses they did not expect. Another important financial matter is determining who is responsible for paying for college and how the two parents will contribute to savings.

Joint custody can be good for the children, but it can be costly for the parents. It can also be stressful to navigate sharing unexpected expenses, both large and small. During a divorce, California parents may want to discuss how they can handle these costs and how the financial aspects of their divorce should reflect their joint custody responsibilities.