Financial Info About Parenting Partnerships

One important subject that should be discussed by prospective parenting partners early on is how each will contribute financially to their “modern family”. However, while parenting partners will undoubtedly want to ensure the financial well-being of their child or children, they are likely to face financial and estate planning issues that are more complex than those of married couples. Additionally, the opportunities for financial planning around your children will vary based on the financial means of the parenting partners.

In any case, financial and estate planning should begin as early as possible – even before your child is born. In our “Financial Information” section, we lay out some best practices for parenting partners to consider. Whether you’ve already built up a tidy nest egg, or you’re just now putting your financial house in order, we’ll provide information that will help you to address your child’s financial future today to the best of your abilities as parenting partners.

What You Need To Know

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Tax Deductions for Parenting Partners

While a parenting partnership may lighten the financial burden of a parent somewhat as compared to single parenting, raising a child - or children - is still expensive for co-parents who are sharing the financial responsibilities of child-raising. In the United States, the government recognizes this burden by providing tax breaks for persons raising children… read more »

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The Basic Elements of a Co-Parenting Estate Plan

Co-parents can easily get bogged down in the complexities of trying to understand and implement a comprehensive estate plan designed to protect against the unforeseen death of a co-parent or dissolution of a co-parenting relationship.  The major difference between a traditional parenting couple and a co-parenting couple is that, in most circumstances, there are no… read more »

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Wills and Probate Issues for Co-Parents

Co-parents looking to protect their relationships and their families should remember an important old saying: “Ignorance of the law is no excuse”.  Not knowing – or planning for – how the laws of your State deal with the assets of a deceased person can lead to some undesired results. The laws of a state which… read more »