Posted on: 30 June 2016
Underestimating or undervaluing all expenses related to raising kids when documenting costs to help work out child support is a common occurrence. As the custodial parent, you shouldn't overlook the specifics of your kid's real financial requirements. This article helps highlight often missed expenses that should be part of the final monthly or yearly child support amount.
One of the common missed expense associated with child support involves a child taking part in their favourite hobby or sports activity. Commonly, parents list lesson costs or yearly league team dues, but fail to add other items which are typically needed during the sports season. These include:
- Transportation expenses to and from practice sessions
- Purchasing team supplies and photos
- Club dues
These types of costs, as you are probably aware, can actually add up.
The custodial parent is often concerned with the semester school fees and forgets some of the small expenses required by the child during the semester or school calendar. Some of these missed expenses include remedial or tuition costs, school books, field trips, computer supplies, yearly registration fees, test paper fees as well as college application expenses.
Also, another commonly ignored expense is the child's opportunity for college education. Many parents seldom negotiate a financial plan for college education during divorce mainly because the child involved is a long way off from reaching university. In most cases, the child is still in primary or elementary school. Nevertheless, this kind of assumption can create an economic burden later on for the custodial parent.
The child needs to engage in entertainment activities as part of their holistic upbringing. This often forgotten category involves expenses related to movies, ice skating, bowling or birthday gifts.
Have you included the transportation costs involved in getting the child to and from their daily activities? If you're driving, you need to factor in the gas expenses and parking or bus fare for those using public means of transport.
Does your child own a pet? Well, you are well aware that pets require proper care. The expenses involved include pet food, housing, toys, and beddings, boarding or pet-sitting services. Other pet expenses include veterinarian and vaccination fees.
A skilled family law lawyer can help you see the important but often missed child support expenses. Obtaining the right type of advice on child support will serve to protect your child financially in the aftermath of the divorce.Share