Short answer, yes. Long answer, it’s complicated. Your finances can be affected by your child custody situation, but that doesn’t always mean that they go hand-in-hand. Depending on your unique situation, your custody situation could play a large role in the way you handle your finances after a divorce or it could play just a small role. Custody affects finances for nearly everyone.
The amount of time that you have your children could have an impact on your finances. This is not just taking into account any child support that comes along with your divorce. You’ll need to consider the costs of having your children for any amount of time because it will likely be different than the amount of time that you had them when you were married. If you have a custody situation where you share the same amount of time, it will have less of an impact than if you have a large split in your custody situation like only having the kids on the weekends or during school breaks. The cost of actually having the children will be lower when you have them for less time.
Custody and Support
It’s easy to see how finances are affected by custody when you look at things like child support. But, you might be surprised to find out that custody and child support are not always directly related. Each situation is different and child support is often determined based on your ability to provide for your children as well as their other parent’s ability to provide. Child support can help “level the playing field” and give your children equal access to the same lifestyle no matter which parent’s house they are at. While it can be difficult to determine support obligations since each case is different, changes to the Nevada child support formula could impact your case. Learn more about these changes here.
Ability to Provide for Children
Your ability to provide for your children is something that the court will almost always take into consideration when determining child support so it could have an impact on your finances. No matter what your financial ability to provide for the children and whether you think it would hurt you, it’s important to always be truthful when dealing with the court system. In some instances, you may be able to ask for special relief or show extenuating circumstances. As with all things in family court, there are no guarantees that your request will be granted, but it may be helpful to simply ask.
Positive Financial Impact
One positive financial impact you could have as a result of your custody is that you are awarded child support. This is most common for the person who has lower income and cannot provide for the children in the same way that the other party can. Your financial impact could be positively impacted which would allow you to take better care of your children no matter what your previous financial situation looked like.
Negative Financial Impact
Even if your finances are negatively impacted by your custody case, it’s important to look at it in a different light. Try not to think of it is a bill you have to pay or even that you’re paying it to your ex (which can be hard to do). Instead, think of it as a positive way that you can have an impact on your kids! The child support is intended for them and will be used to help raise them in a financial way that’s similar to how you’d raise them if you were still supporting them together with the other parent. You may have to adjust your finances, but many courts will also consider your ability to financially provide for yourself when determining child support.
If custody affects finances, it can be a difficult transition to get used to. Making sure that you are in the best financial position possible is an easy way to help you recover from divorce. Working with a Divorce Financial Advisor can help you determine the best plan for your finances and your ability to support yourself despite custody or child support. Contact Wiser Divorce Solutions today.