CO-PARENTING FINANCIAL CONSIDERATIONS
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.
PURPOSE
Child Support is a regular payment from one parent to the other. It is meant to help the custodial parent cover essentials, 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), equipment (extracurricular) and cell phone (electronics).
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: Delayed reimbursements, proof of payment, higher potential for disputes.
Expense By Parenting Times
Pros: Simple, equal financial responsibility and greater control of payments.
Cons: Uneven and unanticipated expenses.
Joint Account
Pros: Increased transparency.
Cons: Lack of clarity, misused funds, and potential impact on your credit score.
Co-Parenting App
Pros: Centralized platform, transparency, simple reimbursement.
Cons: Subscription costs and challenges for those who aren’t tech savvy.
Co-Parent Expenses are components of a Parenting Plan. Knowledge of Parenting Plans goes hand in hand with achieving a successful co-parent financial strategy. 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.
