By Jake Hornstein & Greg Hill, Our Children Have Rights (OCHR)
Child Support and Co-Parent Expenses (Shared Expenses) have distinct differences. These include purpose, what they cover, how they are determined and how they are managed. When separated or divorcing co-parents gain knowledge of each, outcomes improve. Outcomes include a well-developed parenting plan and confidence that financial arrangements have been addressed properly and with clarity, protecting both parents.
PURPOSE
Child Support is a regular payment from one parent to the other. It is meant to help the custodial parent (payee) cover essential living costs, such as food, clothing, and a safe living environment.
Co-Parent Expenses are costs beyond basic needs, which both parents pay directly. Examples are tutoring (education), sports equipment (extracurricular) and cell phone (electronic devices).
AGREEMENT
Child Support is a court-ordered financial obligation. In Florida, it’s determined by a formula based on both parents’ income, custody arrangements and other factors.
Co-Parent Expenses require negotiation and agreement with a parenting plan. The parenting plan outlines the scope of expenses covered and how payments are made.
OPTIONS TO DIVIDE CO-PARENT EXPENSES (PROS & CONS)
Reimbursement
Pros: A simple method with clear expectations.
Cons: Delays and required proof of payment (receipts) creates potential for disputes.
Expense By Parenting Times
Pros: Simple, equal financial responsibility and greater control of payments.
Cons: Uneven and unexpected expenses.
Joint Account
Pros: Increased transparency.
Cons: Lack of clarity, misused funds, and impact on your credit score.
Co-Parenting App
Pros: Centralized platform, transparency, simple reimbursement.
Cons: Cost, Technology challenges
Co-Parent Expenses are components of a Parenting Plan. Knowledge of Parenting Plans goes hand in hand with successful outcomes. If you, or someone you know, need our assistance, we’re here for you, at no cost to the family. Why? Because Our Children Have Rights.
OCHR is a 501c3 nonprofit that helps parents achieve successful co-parenting strategies, at no cost to the family. Contact info@ourchildrenhaverights.com or visit www.ochr.org.