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Financial Strategies for Divorced Parents in Oregon

Published April 7, 2021
When parents divorce, they still need to have ongoing conversations about sensitive issues, such as finances. By communicating openly and consistently with each other and trying out digital platforms that offer structure and support, these discussions may become simpler and more productive.

The divorce process can be complex, especially for parents. There are numerous decisions that need to be made as you end your marriage, many of which carry long-term consequences that play a role in shaping your future. Divorcing parents are tasked with determining custody and visitation agreements, child support details, and adopting a parenting philosophy that supports their child’s best interests. Additionally, there are several financial considerations to navigate, which may become tricky as you and your ex-spouse begin your newly independent lives. Here are some simple strategies to help you and your child’s other parent reduce financial anxiety, especially during this economically challenging time.

Maintain Open and Productive Communication

Before you can have sensitive conversations about finances, it’s important that you and your ex are able to communicate in a civil and honest manner with each other. It’s understandable that you, your ex, or both of you are more stressed than usual, so recognize that tempers and patience may be running short. At the beginning of the conversation, try to state the goal of the discussion so that you can return to this mission if the conversation moves off track or becomes heated.

Create a Regular Schedule for Financial Planning Discussions

You may find that you and your ex only discuss financial matters when they are immediate. For instance, you may panic when you realize that your child’s tuition is due and you need your ex to step in, so you call them in a panic. These urgent conversations tend to create additional stress, making arguments more likely. Instead, try to establish a schedule that allows you and your ex to have conversations about finances on a consistent basis. Whether you decide to schedule weekly or monthly conversations, you’re likely to find that this regular opportunity to discuss these sensitive topics feel less rushed and confrontational.

Try Out Digital Tools

Sometimes, organizing financial matters with your ex can be a logistical challenge. Fortunately, a number of digital tools are available to assist you in your efforts to discuss and manage your finances with your child’s other parent. Many of these platforms allow you and your co-parent to upload receipts, deposit money, and itemize expenses so that you can determine which of you is covering which expense. By using a shared tool, you are also establishing a clear paper trail that delineates exactly how much each parent is contributing to their child’s financial needs.

 

The dedicated and compassionate legal team at Lee Tyler Family Law, P.C. is committed to helping families throughout the greater Portland area successfully navigate their divorce and family law matters. Call (503) 233-8868 today to learn more.

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