![]() They detail their system in a parenting plan. Then, they try to make a system that fairly divides expenses between the two parties. To split expenses, co-parents consider factors like income and custody arrangements. How Do You Split Expenses with a Co-Parent? Ultimately, the goal of sharing expenses in child custody is to ensure that the co-parents meet the child's financial needs to provide a supportive and stable upbringing. The language in the parenting plan is critical and will guide future financial decisions and outcomes. The key is to maintain a mentality of teamwork for the sake of your children." Medwin specializes in people contemplating divorce or hoping to save their marriage.Ĭo-parents detail how they will share expenses in their parenting plan, a legal document co-parents submit within their marriage settlement. It's crucial to emphasize that fairness doesn't always equate to a 50/50 split. "Money can sometimes create discomfort, but it shouldn't overshadow the focus on the child's well-being," says Jennifer Warren Medwin, MS, CDC and Florida Supreme Court Certified Family Mediator, “How co-parents divide shared expenses may vary, but it should always be fair and equitable. ![]() Shared expenses are distinct from child support, where one parent pays another to support fundamental expenses. Common expenses include unreimbursed medical bills, electronics, entertainment, and personal care.Īfter a separation or divorce, both parents have financial obligations to raise and provide for their child or children. Co-parents divide and share the expenses according to their agreed-upon arrangement. Shared expenses in child custody refer to any child-raising costs that co-parents share. What Are Shared Expenses in Child Custody?
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