Money is easily one of the most contentious issues in a divorce. Whether you and your former spouse remain amicable or cannot stand each other, you may still disagree on money issues. Determining which party should cover which costs, how to split expenses and whether you should make a certain purchase are potentially controversial topics. Child support can cause many disagreements, too.
When making financial decisions with your former spouse, these are a few important tips that you can use to remain civil and make the decisions that are best for your children.
- Communicate, communicate, communicate
Communication is key with your former partner. Whether you communicate verbally, through email or through an attorney, make sure that you are on the same page regarding child support payments and other costs. Remain polite and calm, even if your ex have a major disagreement.
- Talk to your children
You can also include your children in some financial discussions. Do not get them involved in an argument, but do talk to them in an age-appropriate way about money. This will help them not only understand your family’s finances, but learn more about financial planning.
- Determine how to divide costs
There are several ways to split the cost of expenses. Perhaps one party will cover everything pertaining to education, while the other covers extraneous costs. You may split everything fifty-fifty, or you may pay proportionately to your incomes. Determine how you wish to split costs with your ex, and you may avoid disagreements and confusion in the future.
- Consider your legal options
If, however, you cannot reach an agreement with your ex, you may need to look into your legal options. Taking legal action is sometimes necessary for important financial matters such as child support payments or large expenses. An attorney can work as a mediator, or take escalated steps like pursuing the matter in court.