Divorce significantly impacts your finances, regardless of the final settlement or child custody. Mindfully preparing for the new financial reality will help manage parenting expenses effectively. First, consider your taxes; working with a tax professional for your first return post-divorce can help you understand your new situation and find potential credits or breaks. Understanding your divorce decree is crucial, as it outlines how child-related costs like medical care, health insurance, childcare, and activity fees will be split. Knowing these details helps you budget and ensures you’re not overpaying. Before your divorce is final, consult with your family and divorce lawyer about specific child-rearing expenses important to you. Prioritize saving to cover unexpected expenses like medical emergencies or sudden fee increases, even if challenging. Additionally, start planning for your child’s college expenses early by contributing to existing or new education savings accounts, as outlined in your divorce settlement. Lastly, check and update beneficiaries on life insurance policies to reflect your new circumstances, ensuring your child benefits rather than your ex. If your divorce decree requires it, confirm that the necessary life insurance policies are in place. Preparing for these financial changes will help you navigate post-divorce parenting expenses more smoothly.
source: https://divorceattorneyut.com/preparing-financially-for-raising-children-after-divorce/
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