Divorce is expensive, in many respects. Not only do both parties have to deal with court and legal fees, they also have to deal with their own individual living expenses. Most of the time, that includes the expenses they’ll need to take care of their children.
According to The law office of Ned C Khan, since both parties are effectually separated, they both responsible for doling out finances for their children. If they have multiple children, those expenses add up. The courts, too, decide how those expenses get divided among the spouses, having one spouse agree to pay support (child support) to keep their children financially secure.
The cost of children
Not only is divorce expensive, raising children is, too. Add divorce into the equation of raising children, and the costs add up fast. And, both parties need to understand that before proceeding with their divorce.
Depending on the salary, one party (usually the spouse who earns the most) must pay a specific amount of funds to the spouse with sole custody of the children. In most cases, this depicts the father paying child support (as ordered by a court) to the mother of the children (or child).
In this example, we’ll look at child support only, since spousal support is a different matter. A father of two children may decide to move into a separate apartment upon deciding to divorce his wife. When that happens, he’s responsible for paying for his new living expenses and any expenses associated with his children’s financial viability.
Sometimes, paying for themselves, their children and their legal fees leaves them in a situation where their finances are depleted. That’s where many responsible parties find themselves in trouble, since their salary can no longer support their living expenses and their children’s expenses. This causes them to fulfill their obligations of paying child support while having to deal with financially supporting themselves and the divorce proceedings.
The cost of children can come into play even when the leaving spouse finds another place to live. If they’re allowed to see their children, they’ll essentially need to have a place for their children to stay. So, instead of renting a single bedroom-bathroom apartment, they’ll need one with multiple bedrooms (and even bathrooms) instead.
The cost of children is a big factor many divorcing parties don’t surmise until it hits them. Both parties, as always, are recommended to talk to a financial adviser about how to manage their finances.