Raising a family can be a challenging yet fulfilling endeavor. Parents need to fulfill their children and each other’s needs as a couple. Unfortunately, not all married couples end up happily ever after and hire divorce lawyers to end their marriage. Going through a divorce can be anything but easy.
You and your soon-to-be-ex-spouse will have to deal with the grueling process of divorce. You might also need to hire child support lawyers and spousal support lawyers to help settle child custody, financial support, and other divorce-related concerns.
Dealing with divorce can already be stressful enough. More so, if there are children involved. You need to settle child custody, visitation rights, and financial support. Even if your marriage crumbled, you are still responsible for your children.
Co-parenting can be tricky especially if the couple has an embittered relationship. It can even cause further conflicts and stress on both parties. If you are planning for a divorce, you should hire professional family lawyers to help you get through the process.
One issue that ex-couples have to consider is where they will get funds for their child-related expenses. In the event of a divorce, soon-to-be-ex couples may consider opening a joint bank account for child support. For one thing, they can use this for their child’s emergency medical expenses and extracurricular school activities among a few.
Then again, it can be challenging to deal with an ex-spouse, let alone a joint bank account. There are also some things you need to consider before opening a joint bank account for child support. Do you need one in the first place? How much will they need to contribute to the account? How will monitoring the funds be?
How to manage a joint bank account for child support
A 2018 guideline specifies child expenses where both parents need to contribute to. These include uninsured medical expenses, summer camps, field trips, and other extracurricular school activities. Joint bank accounts can also be used to spend on kid’s school meals, supplies, clothes, and even electronic gadgets.
Regardless of where they will spend the money, open communication is a must. Both parents should be notified of each spending and spend only on the agreed expenses. It is also a good idea that the child(ren) know their parent’s financial setup and budgeting.
The next question is funding. Since it’s a joint account, both parents should contribute a certain agreed amount as per agreed dates. Each parent can contribute equally or can be adjusted depending on the parent’s financial capability. This means the higher-earning parent can contribute more than the other parent.
There is no fixed amount of how much each parent should contribute to their joint bank account. It will depend on their agreed arrangement as long as their children will benefit from it most. More importantly, both parents should be open with every spending to avoid financial conflicts later on.
Some financial issues that ex-couples might encounter
Still, there will be problems that ex-couples might encounter as far as joint bank accounts are concerned. Family lawyers and the best divorce lawyers can provide advice regarding this matter. This includes:
Not defining the exact expense that will be paid for
This is why both parents, regardless of their differences, should specify where the expense will be for. It’s easy to say that the money will be spent on school fees. But what kind of school fees? Is it for field trips, sports fees, etc.? Not specifying child expenses can lead to disagreements and further conflicts between both parents.
Not being clear about transparency
Will each parent use the same password or opt for separate log-ins instead? Do you want access to each other’s debit cards and online banking (intended for child support)? These should be considered as well.
Not knowing bank rules and how joint accounts work
It is most important to know the rules before opening a joint account because it may vary per bank. Some banks have great online banking, while others may also offer rebates and other perks.
Co-parenting and financial responsibility
Dealing with divorce is challenging. Co-parenting and sharing financial responsibility for your children is another thing. Even if the parents have gone their separate ways due to divorce, they are still parents to their children at the end of the day.
Conflicts and misunderstandings especially on the financial aspects can be inevitable. That is why you should hire top-rated divorce lawyers in Fairfax VA. Contact one today!