How to Manage Finances as a Divorced Co-Parent in California

How to Manage Finances as a Divorced Co-Parent in California

As you may know, divorce is among the most stressful legal issues anyone can go through, especially if there are children involved. As a divorced parent, it is critical that you put the well-being of your child above all else, both emotionally and financially. Unfortunately, this can be quite complex, especially if your former spouse is unwilling to cooperate financially. Fortunately, there is a multitude of ways in which you and your former spouse can work to save money and productively manage your financial situation as co-parents. Please continue reading and speak with our knowledgeable Los Angeles divorce attorneys to learn more about how to manage your finances as a divorced co-parent in California.

How to Manage Finances as a Divorced Co-Parent

  • Communicate openly and honestly. Though this sounds straightforward, as you may know, it can be very difficult to communicate with a former spouse who is simply unwilling to cooperate. However, if you can, it is always best for both you and your ex to put your emotions aside when discussing financial and other matters after a divorce. If you believe that your situation has changed, speak openly with your ex about it and consider modifying your initial divorce agreement.
  • If there are any discrepancies between you and your former spouse regarding your financial situation, you should strongly consider simply revisiting your divorce decree. In your decree, the terms of your alimony agreement and your child support agreement should be clearly spelled out and hopefully resolve any disputes you may have without ever having to go to court again.
  • Though child support is no longer tax-deductible, both parties can still save on child support payments by alternating the head of household every other year. As the head of household, you will receive certain tax benefits. As long as you and your former spouse are on the same page and are willing to do so, changing the head of household every other year is a great way to save money.

If you have any further questions about managing your finances as a divorced co-parent, please do not hesitate to speak with our experienced California divorce attorneys today. We are always here to help.

Contact our experienced Los Angeles firm

Divorce and family law issues are notoriously complicated and personal, which is why you must hire an attorney with years of experience, as well as the compassion and skill needed to handle these sensitive matters. For the qualified, dedicated legal representation you and your family deserve and need, contact Zitser Family Law Group, APC today.

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