It’s Time To Think About Finances

Finances. It’s usually the most overlooked topic when one considers parenting. Having a child is costly, and more importantly, unexpected expenses will occur. So when considering a parenting partnership, the subject of finances should be discussed early on. How will each of you contribute financially? Each partnership will be different and have unique circumstances. One parent might take sole financial responsibility or some parents may choose each be equally responsible.  When searching for your parenting partner, it’s important to have an idea of what your ideal financial contribution would be, as this overlooked topic could potentially be a deal breaker.

Long term financial planning for your child should also be considered. Saving for private school, unexpected expenses or even college. Whatever the future holds, money will certainly be a factor. What about medical expenses and insurance, or “modern family” vacations?

In addition, parenting partnerships need to set up an 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 statutory protections for unmarried co-parenting couples – only protections that they create through contractual agreement or separate estate planning documents.

Our “Learn” section of our site offers a more in depth guide to what to consider before moving forward with a parenting partnership, including financial planning.


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