coManaging Your Kids’ Money
One area that can be a real source of upset during coParenting is the subject of money. This isn’t too surprising considering money issues are often the most disagreed upon subject even for married couples, and are one of the top reasons attributed to break-ups.
The money issues in this case will revolve around money that your children have (earned or gifted). This includes personal money such as allowances, savings and your childrens’ spending habits. These need to be agreed upon early by you and your ex so that clear and consistent boundaries are set for your child. It is also important that any special money put aside for the child is not mishandled by either parent. This can all be handled easily with a few simple rules, and communication.
1. When discussing whether or not a child should get an allowance, a compromise may need to be in place. One parent may have more money to spare than the other. A compromise can be made where the child is given the lesser amount or each parent can provide half the amount. You will also need to determine what the child is allowed to spend the money on and if he needs to put a portion aside for saving. Putting this all in writing will help both parents stay compliant.
2. Any savings should go into a bank account in the child’s name. If a parent needs to be named on the account, both parents should be listed unless one agrees that the other can handle it. If the child is given a money gift from another friend or relative, it should be determined in advance how much she can spend and how much should be put in savings.
Unless both parents can agree that one makes all the money decisions, putting rules in writing from the beginning can help avoid arguing later.