When the issue of income enters into a marital discussion, both spouses typically have a fair say in how to handle things. Some couples, however, may develop serious conflicts when each spouse has a different outlook on budgeting and spending money.
According to U.S. News and World Report, approximately one-third of American couples surveyed claimed to have a stressful relationship because of money. When household budgeting gives rise to unworkable disagreements and becomes unbearable, a divorce may serve as an option to regain control over an individual’s personal finances.
Budgeting for children on a single-income household
Household spending habits may change drastically after a divorce. In many cases, a post-divorce family may see a significant improvement as a single-parent household. Depending on the living arrangements, a divorce settlement may provide the required financial support and supplement the loss of an ex-spouse’s income.
A court order may require an ex-spouse to prioritize how he or she spends money. As noted by the Iowa Judicial Branch website, both parents generally must contribute toward a child’s education and health care expenses. If financial disputes between two spouses cause a severe lack of comfort or security in a child’s life, court-ordered financial support may provide a remedy.
Requesting financial support during a divorce
While it may seem impossible at first to plan a budget based on a single income, a divorce allows time to negotiate an outcome that meets each family’s needs. A court may need to review each spouse’s income and spending requirements to determine a fair payment arrangement.
Plans for a major milestone, such as college or retirement, require large sums of money. Understanding how a divorce settlement provides financial support may help to prepare the next steps toward the future.