Managing a breakup is not easy, and with kids it can be even more challenging. One of the things that rarely gets talked about is the financial impact that a breakup can have on both partners – and how this can impact the kids. This post delves more into how to financially manage a breakup when you have kids together.
Be prepared to both financially support your kids
In most countries around the world, it is mandatory that both parents financially support their children. If one parent spends less time with the kids or has a higher income, they are generally expected to pay child support to the other parent. But of course, there are many conditions and nuances that can affect who pays what. Getting legal support from a firm such as Kaye Alderman family law could be worthwhile if you think you should be paying less/receiving more child support.
Consider downsizing your home
Most couples split the household bills. During a breakup, one of you will likely move out, which means the other one has to take on all the bills. While child support and other income assistance can help to cover bills, it is often not enough. Moving to a smaller and cheaper home may be necessary. This can be disruptive for kids, but is better than spiraling into debt and eventually being forced to leave your home. If a smaller home is not practical, consider whether you can find a home of the same size in a cheaper neighborhood.
Let family and friends help
Friends and family can often offer support during a breakup. If you’ve had to move out, it’s possible that family or friends may be able to give you a temporary bed until you can get your own place. If you’re now looking after the kids full time and need to work, consider whether family and friends can offer some childcare so that you’re not having to pay for it. Not everyone will have a close network around them that they can reach out to, but if you do make sure that you’re not too proud to ask for help.
Know which benefits you’re entitled to
Once you become a single parent, you may become eligible for certain government or state benefits. This is particularly the case if you are on a low income – many low income women with young kids are eligible for the WIC program, as well as energy bills reductions. Make sure to explore these benefits in detail. This guide at What To Expect offers some financial advice for single moms including the types of benefits you may be able to look into. There are also benefit advisors and charity representatives that you can talk to about your options.
Talk to your employer
Letting an employer know your situation could be important. If you can no longer work the same hours due to increased child care demands, but still need to earn the same amount of money, it is possible that some employers may be able to offer more flexible work arrangements. This could include working in the evening or working more hours at home. Some generous employers may even be willing to increase your pay if you are a valuable asset to their company and now have increased bills to cover. Be prepared to ask for a pay rise, as most employers won’t willingly give it to you.
Talk to your kids
If you’re going to have to make cutbacks, it’s important to discuss this with your kids. Your kids will need to know that they cannot continue to enjoy some of the same luxuries as before. To help kids adjust, consider exploring more cheap and free ways to have fun. Simply spending more quality time with kids could make up for any financial cutbacks. Make sure to budget for things that are important to your kids’ lives such as sports clubs they’re passionate about (talk to whoever is organizing the club – some coaches may be sympathetic enough to charge reduced fees if you can no longer afford payments and your child is passionate about the sport).
Conclusion
Financially managing a breakup with kids typically requires being prepared to reach out for help – whether it’s applying for government financial assistance or asking friends and family for help. Cutbacks are also likely to be necessary so that you can continue to afford payments. Finally, make sure that you communicate with everyone involved – including your kids and your partner if you’re still on friendly terms.
