Divorce Gavel

The Financial Impact of Going through a Divorce with Kids

 These days, it is not uncommon to see unhappy couples staying together because of the kids. There are many reasons why a lot of people choose to live their lives this way. They may not want to go through the mess of a divorce and the psychological effect it will have on the kids. Without a doubt, divorce is really daunting. Think about how the kids would have to be passed to the other parent on schedule. Co-parenting after a divorce is definitely challenging. A lot of parents are concerned about its effects on the children’s growth and development. Many also worry about the financial impact that goes along with it even more.

Child support can pose serious financial issues, and these issues are enough to keep couples together despite mutual dissatisfaction in their marriage.

Financial Impact on Relationships

Many researchers have conducted various interviews and studies addressing this issue. One particular study focused on the relationship between finances, children and relationships. According to the results, 14% of the respondents of the research divulged that they chose to stay in an unhappy relationship because it was more practical.

For obvious reasons, when children are in the picture, money concerns are heightened some more. Most parents (70%) in a given survey concluded that raising children tend to be more expensive when parents are separated than when they are living together. Furthermore, statistics show that a high percentage (72%) of married parents think that raising children cost more when parents are apart, while a lower percentage (66%) of unmarried think the same way.

A lot of couples consider the financial aspect of raising children as a factor in deciding whether to stay together or get a divorce. When there aren’t any kids, most couples won’t stay together just for financial reasons, but when there are kids involved, it’s a different story.

What Will Staying Together Cost You

Separation and divorce is a decision that should never be made lightly. Serious consideration is needed. Unfortunately, staying in an unhappy marriage will cost you something more than just in the financial sense. Most parents  think that staying together in a miserable union is in the best interest of the kids. However,  it might not be the case in reality. Many experts believe that it would even be more detrimental to the children psychologically than going through a divorce. Parents should evaluate their reasons for staying together carefully. The financial pressure of child-rearing should not be the sole reason for staying together.

Dealing with Child Support

Child support is complicated and costly – there’s absolutely no doubt about that. It doesn’t have to rule over the entire divorce however. There are still resources that you can use to make the transition smoother and the support agreement more acceptable. You can ask your attorney about it.

In order to have the best for the children, it is important that both parents be open about their finances. Having supportive and loving parents will always be the best for the children. Sometimes, it takes a divorce to provide them that.

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