Money can be complicated at the best of times. And yet, after a divorce, the complications tend to be even more overwhelming.
“Money is never an easy thing to discuss, and as you and your ex set out on different life paths, your financial futures will likely change as well,” says the Dupage County Family Law Firm.
From sharing costs like medical expenses and school supplies; to managing contrasting income levels; and deciding who will pay for which after school activity - coordinating money in two homes can be tough, to say the least.
Are you and your child’s other parent having a difficult time managing and coordinating your finances?
- Is it hard to keep track of costs, bills, and responsibilities, and stressful not to have a clear record of your expenses?
- Do you have a difficult time deciding which bills you’ll split, and have a hard time striking a fair balance?
- Do you experience stress, worry, or negative emotions over co-parenting finances, and wish you could find peace of mind?
You’re not alone. Finances tend to overwhelm even the most organized and easy-going of parents. And for moms and dads who have just gone through a divorce - it can present some challenges.
And yet, for those who are willing to stay flexible, communicative, and organized; managing finances can be smooth, low-stress - and most importantly - extremely beneficial for your child.
In this first installment of our three-part series on money management, we’ll look at two great ways to take care of your finances after divorce.
Communication
When it comes to managing finances, “Communication and participation are key,” says Lori Barkus of Barkus Law.
Check in frequently - either in-person or via text, email, or phone; listen closely to your co-parent, and express your own needs in a respectful and clear manner. While money may be a tough thing to discuss, not discussing it makes life even more difficult.
Organization
Staying organized when managing shared parenting bills will help you and your co-parent find peace of mind - whether you use a bill-splitting application like Bonfami, or simply keep track in a Google Document.
Keep your documents and records up-to-date and in a place where you can both access and view them, this way, you never have to worry about unknowns or stress about lost information. Whenever possible, discuss new expenses far enough in advance, so there are as few surprises as possible.
Even Small Steps are Awesome Steps
One new study found the perceived financial well-being - feeling secure not only about the state of your current situation but about how well you’ve planned for the future - holds the key to your overall well-being.
You may be surprised what a major impact some simple financial communication and organization has on your peace of mind. Practice taking some small steps towards your own financial health, and see your happiness take a lift.
Summary of Part II and III: In part two of this series, we’ll look at implementing smart financial management processes while remaining flexible to change. In part three, we’ll talk about financial discretion, and about ways to reach out for financial support.
