Raising a child until they're an adult is not easy nor is it cheap. Studies estimate that it will cost $233,610 to raise a child born in 2015. If you're getting a divorce from your spouse, the least you can do is make sure that your child will be financially supported through the means of child support. Drafting up a flexible and reasonable child support agreement during the divorce is absolutely essential and crucial. Your divorce attorney will want to confirm that all of the specifics have been outlined. In particular, they might want to talk to you about including the following 3 terms and clauses in your child support agreement.
Cost-of-Living-Adjustment Clause to Account for Inflation Over the Years
Cost of living will increase throughout the years. If your child is still young, there's still a long way ahead to go. Due to this reason, the amount of child support that you receive now may not have the same value years down the road. It's usually wise to include a cost-of-living-adjustment clause that will account for inflation. Your divorce attorney will want to discuss with you whether the amount of child support will increase after several years or will be calculated based on the rate of inflation.
Extended Child Support If Child Attend Post-Secondary Institution
It's not unusual for parents to offer continual support should their child decide to attend a post-secondary institution in hopes of furthering their education. In these situations, you and your former spouse will need to come to an agreement in regards to how much financial support you are both willing to provide in those scenarios. It's best to have all agreement written down to avoid arguments or disagreements in the future. For example, you might decide to pay for half of your child's tuition and your spouse might agree to cover the other half plus the cost of textbooks since the child is not living with them.
Terms for Collecting and Calculating Unexpected Costs or Costs of Extracurricular Activities
Child support is not necessarily a set number. It may fluctuate based on the type of additional expenses that your child incurs. For example, if your child decides to participate in an extracurricular activity, you can share the cost of paying for additional classes and even the cost of gas with your former spouse. Define how these additional costs will calculated and collected. For example, consider whether you will send a monthly invoice to your former spouse or whether you will send them a bill at the end of the year. Your former spouse might just agree to pay extra child support in order to avoid the hassle.
You can contact an attorney at http://www.chesapeakevalawyer.com for more information about specifying terms in the agreement. If you have sole custody or primary custody over the child, don't hesitate or feel embarrassed to bring up your concerns with a divorce attorney. Your primary concern should be to make sure that your child will be taken care of and remain unaffected by the divorce.