If you’re separating from your partner, you may be worried about how to manage the family finances moving forward.
Splitting child-related expenses can feel challenging – particularly if you’re going through a less-than-amicable break-up – but there are steps you can take to share the financial responsibilities equitably.
Here, we offer several tips that make managing money more straightforward as you navigate co-parenting.
Set up a financial agreement
It’s wise to set up a clear financial agreement that outlines who will be responsible for certain kids’ expenses.
This may include child maintenance payments, schooling costs, extracurricular activities and so on.
Have an open conversation to establish who will pay for additional unexpected expenses that will crop up from time to time, such as replacing a damaged phone.
If you’re getting divorced, speak with a specialist divorce solicitor about reaching a financial settlement and splitting childcare costs fairly.
This will help ensure the agreement is legally sound and protects both parties.
Create a budget
Consider creating a thorough and realistic budget for your kids’ expenses. It may be helpful to break this up into essential and non-essential categories.
For instance, essential expenses include housing, food, clothing, and medical costs. Going to a trampoline park, eating out, or watching a film at the cinema may be classed as non-essential.
From here, you can create a sensible budget for each category that you and your ex-partner can divide fairly according to your income.
If money is tight, consider ways to cut costs, such as cancelling subscriptions you barely use, downgrading TV packages, and buying non-branded food and clothing.
Look at child benefits
Make sure you review how child benefits will be allocated and your eligibility post-split.
You may be able to claim child benefits for each child you have, but it’s important to note that only one person can get child benefits for a child.
The government website says that if families split up, one parent will get £25.60 a week for the eldest child. You get £16.95 a week for any additional children you have. “If you both claim for the same child, only one of you will get child benefit for them”.
They also explain that “if you have 2 children and one lives with you and the other lives with someone else (for example, your ex-partner), you’ll each get £25.60 a week”.
Consider a co-parenting app
There are several apps designed to help co-parents manage their new family dynamic. Some of the most popular co-parenting apps include OurFamilyWizard, Coparently and Parentship.
The benefit of using an app is that you can both log in using separate accounts to manage to co-parent, reducing the need for text messages or phone calls.
Some apps allow you to track child-related expenses and transfer money, as well as view a shared calendar. This can help each parent keep on top of important events, appointments or extra-curricular activities.
Communication is key to successfully managing finances after your split – but this may not be straightforward. If you’re having trouble agreeing on how to split expenses, it may be worth speaking to your solicitor or arranging mediation.
They will help you create a fair plan that outlines each parent’s financial responsibilities so you can move forward with confidence about your family’s future.
Jessica Alexander
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