The benefits of budgeting when sharing custody | Gregg R. Lewis, Esq.

Your child custody arrangement may also influence how you handle expenses for your child.

Sharing custody usually means sharing expenses too.

Expenses can quickly run out of control if you and your ex-spouse are not planning ahead. Creating a shared budget of child related expenses can clearly outline who is responsible for what, and how much he or she will need to plan for.

Just a few expenses to consider are: Childcare Extracurricular activities Health insurance and copays Field trips Clothing It is important to stay focused during these conversations.

Setting boundaries about budget topics can help avoid tension over things that are not relevant to your child expense budget.

An HSA is a special savings account for medical expenses, and all contributions are tax deductible.

Working out the details of your divorce, custody plan and financial expectations can feel overwhelming.

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