Stief advises: "Co-parents should assess their ability to communicate, their privacy concerns, their comfort level with money and math, the level of mutual trust in their relationship, and their willingness to establish and adhere to guidelines."Īs these experts note, co-parents should assess various factors when deciding on a system. Finding a way to track and share expenses that take the co-parent relationship into consideration can be extremely helpful, especially in high-conflict cases.” “For example, some co-parents can communicate well in a variety of ways, whereas some co-parents only communicate well in writing. " Co-parents should consider their level and ease of communication with one another,” says Thompson-Disler. These conversations will help co-parents assess each tracking system as it pertains to them. Thompson-Disler, a family law attorney, recommends that co-parents take a broad view of their relationship before diving into the details. Experts recommend that co-parents honestly assess their relationships, especially since money can strain even the healthiest relationship. Many co-parents find that a co-parenting app with expense tracking is the best, most transparent way to track and manage costs.ĭifferent tracking systems suit different types of co-parenting situations. For example, you can open a joint bank account for shared expenses. Options to Help Co-Parents Manage Shared ExpensesĬo-parents can manage their shared expenses in various ways. But solid, structured expense tracking systems can make the process straightforward and eliminate potential miscommunication that could skyrocket into serious conflicts.” The evidence tells us communication is not easy, particularly around financial issues. If it was easy to communicate, then many co-parents could avoid family law litigation. Co-parents should be particularly cautious around sensitive issues like money. Stief adds: “Most methods fail without a system. “If a co-parent feels they have a claim for unpaid expenses, and they haven’t had a system in place, then they might spend a lot of money substantiating the monies owed, including the cost of a lawyer or accountant.” Jon has worked with thousands of clients, families and other family law professionals to resolve issues. “It’s a cost-benefit analysis,” says Jon Stief, a family law attorney, mediator, forensic accountant and consultant. Then, they should find a suitable method that minimizes conflict, helps shield children from financial stress and even avoid the need for future court appearances. “So, a solid tracking plan detailed in the parenting plan in the first place will reduce conflict in the future.”Īfter settling on a list of shared expenses, the next step is establishing a method for tracking expenses and payments.Įxperts recommend that co-parents review tracking options carefully and discuss the pros and cons. “There’s a lot of room for misunderstandings when it comes to these shared expenses, and that can lead to additional litigation for the family,” Burchell says. But, when a shared expense arises, the co-parents must decide mutually, based on the parenting plan. “The larger shared expenses we see in parenting plans are (1) uncovered medical expenses, (2) extracurriculars, (3) educational expenses, or (4) child daycare.”īurchell says both co-parents are responsible for day-to-day expenses while the child is in their care. Elizabeth also represents children as a guardian ad litem, and volunteers at her non-profit, Chicktime Tampa, for teens in foster care. “There are essentially four big ‘shared expense’ buckets,” says Elizabeth Burchell, family attorney at Busciglio, Sheridan & Schoeb and children’s book author. These expenses include a child’s medical bills, school fees, extracurricular activities, and other costs beyond basic food and clothing. Typically, co-parenting shared expenses include all expenses outside of your court-agreed child support. Starting off with the right tracking system can be beneficial for everyone because it minimizes potential conflicts over finances.” First, they'll need to set up an environment, either alone or with outside help, that fosters open communication and flexible thinking. “Co-parents must approach expense tracking and sharing mindfully. “Money can create tension in even the most peaceful relationships,” Medwin says. Keeping track of expenses is just part of the puzzle,” notes Jennifer Warren Medwin, MS, CDC, and Florida Supreme Court Certified Family Mediator. “There are many different aspects to co-parenting. A robust, transparent tracking system will reduce conflict and help the entire family. To avoid problems, co-parents should agree on a straightforward way to track expenses. Sharing childcare costs is an important part of co-parenting.
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