Parenting costs how much? How to handle it in divorce

Bringing a child into the world can bring parents newfound joy and unexpected worries, especially when it comes to the financial resources they must have to give their child exactly what they need. For many, these worries increased as the price of childcare rose over the years. North Carolina parents should be aware of these costs, as well as how they manage them when they divorce.

What is the cost of raising a child?

The price of raising a child varies widely. After all, a child’s age, needs and interests over the years can all affect that amount. However, U.S. News & World Report states that on average, it costs upwards of $300,000 to raise a child – and that does not include college expenses.

Even for parents who fall into the middle or upper class, there is no doubt that raising a child can be an expensive journey. So, how do parents address those expenses when they divorce?

2 critical things to know about childcare costs

Decisions related to your children can be some of the toughest matters to handle during and after a divorce. When finances are added into the equation, it can become even more difficult for parents to agree. When approaching the discussion about childcare costs, it is helpful to remember:

1. Parents still have financial responsibilities: It is a parent’s responsibility to provide financial support to their minor children. Of course, this duty endures even if parents obtain a divorce. So, parents should address how they will divide these responsibilities and cover costs. It is common for parents to handle everyday childcare costs during their parenting time and make decisions together for larger expenses that arise in their child’s life.
2. Child support is an option, even with shared custody: Co-parents might negotiate to have close to equal parenting time. Even so, they might still establish a child support agreement. This could generally be the case if one parent has a higher income than the other.

Parents should have in-depth conversations about these expenses as they create custody and child support arrangements. However, it will be important to revisit these agreements regularly to make sure they meet their child’s changing needs and their changing family situations.