A divorce is never easy on anyone and the involvement of minor children can only make it more complex. Financially speaking, the impact of a divorce hits both parties and for the spouse that may end up being ordered to pay either spousal support and/or child support, it can feel extreme at times. Couples considering a divorce should be aware of the ramifications of child support awards or payments.
A recent article reported that the United States Department of Agriculture estimates the total cost of raising one child from birth to the age of 18 to be just under $235,000.00. That works out to be a little bit below $1,110.00 per month. While such numbers may seem extreme, it is important to consider what makes this calculation. These numbers factors in housing, food, transportation, childcare, education, health care, clothing and personal care and a small portion of other items as well.
What this means to parents who must make monthly payments for child support is that they should be prepared for costs higher than they may have originally anticipated. There are many things that can affect the ultimate child support award but the reality is that child support is not likely to be a bargain. Add to that the reality that if you are paying your former spouse for child support, you have no way to be sure that the money is being properly used.
When considering or in the midst of a divorce, working with an experienced attorney can be the best way that you protect your bank account and take care of your children at the same time. Being prepared and getting the right help can go a long way toward helping everyone.
Source: Huffington Post, “Child-Support: Paying Your Fair-Share?,” Morghan Leia Richardson, August 14, 2013
