Financial challenges facing parents after divorce

Once you realize that your marriage is doomed and divorce is the only answer, it's time to turn your attention to the future.

As scary as it may be, the sooner you look down the road, the easier it becomes to implement a financial plan that will keep you safe and sound.

Here are some of the many financial challenges that parents often have to deal with after a divorce:

  • Providing your child with a nice place to live: You may no longer be in the family home, so you need to find a place for you and your child to live (or for him or her to stay when visiting).
  • Paying your monthly bills: In the past, you may have had two incomes. Now that you're on your own, this is no longer the case, which can make it more difficult to keep up with your monthly obligations.
  • Paying for child care: How will you pay for a nanny? How will you pay for day care? These are things you need to think about upfront, as there's nothing more important than the well-being of your child.
  • Health insurance and medical expenses. While you hope health insurance covers most medical expenses, there are typically some that you'll have to pay out of pocket.

These are just a few of the many financial challenges facing parents after divorce.

Since there are a variety of potential problems lurking, you'll want to pay close attention to everything happening during the divorce process. Knowing your legal rights will help you when negotiating property division, child support and alimony among other details.

Source: Marriage, "7 Financial Challenges Mothers Face After the Divorce Is Over," accessed May 30, 2018

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