How Should I use the Child Support Payments I Receive?
At Rubin & Levavi, P. C., we advise our clients on every aspect of their divorce, which includes their current and future financial plans. We’re often asked about child support payments, specifically how these should best be used to ensure that a child has all his/her needs accounted for in the present and in the future.
For this post, we’re covering some of the advice we often give newly single parents as they navigate their post-divorce life and begin receiving child support payments from their ex.
Child Support Payments Should Supplement Your Main Budget
While child support payments are a great way to help you cover all your monthly bills, we’ve seen the same scenario play out time and time again: a parent becomes dependant on those payments, and if/when the other party becomes delinquent on a payment, the budget for the month is ruined, with parent and child potentially facing shut-off utilities, eviction, and more.
It’s best to approach your future financial life without the payments accounted for. This frees them to be used up in ways that can set you and your child up for success in the future.
Investing in Your Child and Yourself
Not everyone has the same flexibility when it comes to income, but we highly advise that you consider the following when looking where to allocate any child support payments, as these often pay out in the long-term:
- Medical costs/expenses, as well as savings accounts or funds set aside for future medical needs
- Savings for college or school-related expenses
- Daycare costs, which can provide you with more time to focus on your career growth/development
- Extracurricular activities and all associated fees, gear costs, etc. that can help your child grow and develop
We hope this helped answer some of your questions involving how child support should be used in CA. Remember, neither the courts nor the ex can stipulate to you how the money needs to be spent, so it’s on you to ensure that it is used wisely.
To learn more about divorce, child support, custody arrangements and disputes, or any matter involving family law in CA, be sure to call us at Rubin & Levavi directly. We offer free initial consultations, so call today.