Raising your children after a divorce is no easy task, but nearly as hard is paying for it all. You likely aren’t paying for everything yourself, but there could come a time when the support payments aren’t enough.
Raising a child now costs over $230,000, according to the U.S. Department of Agriculture. That’s a hefty sum of money, even split down the middle. But to keep that line where you need it, you may have to head back to court to ask for a modification.
Sharing costs of care
- Change in income: You may be in line for a change if you or your partner see a large shift in income. They might see a significant raise, or you may suffer a sizeable reduction in pay or total loss of employment.
- Medical well-being: Emergency medical care can quickly shoot to the top of the list, but ongoing treatments and health insurance can also qualify. When your children begin incurring large medical costs, then your agreement could come under review to make sure you’re both sharing in the price.
- Change in needs: The costs to raise children can rise along with their age, and the state may recognize the growing requirements for more compensation. You’ll need to take care of things ranging from daycare when they’re young all the way to expensive extracurricular activities as they age.
Make sure your children are getting the support they need. Knowing what can lead to a change can be a crucial first step to keeping that split in the right spot over time.