Alabama law generally allows parents to have custody or visitation rights to their children after a divorce. Furthermore, the law generally requires that both parents provide financial support for their children. Let’s take a look at some of the potential financial ramifications of sharing custody rights to your child.
Create an emergency fund
Having an emergency fund may make it easier to pay for a home, vehicle or other items that you’ll need to care for your children. It can also help to cover unexpected repairs to your home that will ensure that it’s safe enough for your son or daughter to live in. Furthermore, putting money in an emergency fund may help you come across to a judge as a responsible and capable parent. Ideally, you should strive to have enough money to cover your expenses for at least six months.
Your child will need medical coverage
Your child may need to remain on your healthcare policy after your divorce is finalized. This is likely true in the event that the child’s doctor is part of your coverage network but not a part of your former spouse’s coverage network. This may also be true if your policy provides better access to resources needed to care for a son or daughter’s special medical needs.
A shared child custody plan can be an effective way to ensure that your child has both parents in his or her life. In most cases, children do better when they have relationships with as many caring adults as possible. This is generally the case regardless of how well you and your former spouse get along. If you have any questions about how to prepare financially for life after a divorce, it may be a good idea to speak with an attorney.