Divorce nearly always affects the financial status and standard of living of a couple and their family. Even couples who both earn high incomes have to deal with the reality that living separately is more expensive than living together.
For spouses who aren’t equally financially self-sufficient, property division, spousal and child support can help even things out. Nonetheless, when there are children involved, this added cost of living for each parent is bound to affect them. Whether that means taking a road trip on the next vacation rather than a Disney Cruise or having to transfer from a private school to a public one, they will have questions – and likely some complaints.
How parents talk to their children about these changes depends in large part on their age. It will also depend on whether they’re dividing their time between their parents’ homes or largely living with one.
Can young children understand?
Younger children won’t understand the intricacies of budgeting. However, if they have enough knowledge of arithmetic and maybe are getting an allowance, they may be able to understand that the money their parents earn now has to pay for two homes, furnishings and other things. That means less money to splurge on “nice-to-have” items.
Of course, it’s critical to assure them that their parents will continue to take care of them and pay for everything they need. Further, it’s crucial that neither parent blames the other to their child – even if one parent is negligent about paying child support.
Older kids can help
Kids who are nearing or in their teens can handle more information about the change in finances. If they’re old enough, parents can share their basic budgeting challenges and what they’re cutting back on. It can help kids to know they can make things easier by learning to live without a new phone every year or going out to a movie every weekend.
As with younger children, it’s important not to blame the other parent or burden them with any conflicts around support. Kids of all ages need reassurance that both parents love them and will continue to do what’s best for them.
No parent should face unnecessary financial challenges after separation or divorce. That’s why it’s crucial to seek fair property division, spousal and child support agreements. Having experienced legal guidance is the best way for parents to secure a sound financial future for themselves and their children.