Teaching Children About Money After Divorce

A lot of parents find it difficult to survive financially a few months after they got the divorce. Who can blame them? It can be quite a struggle to make ends meet when you only get half of the budget that you used to. There’s a huge difference between a couple’s budget for the family and a spouse’s budget. Getting half of the budget that you used to get could indeed put you in a lot of financial challenges. This is just one of the struggles of living after the divorce.

Most lawyers meet with clients who have very little knowledge about money. In fact, some lawyers have made it their life’s goal to educate both the wife and the husband on how to handle properly money during and after the divorce. The financial situation of those undergoing divorce is one of the reasons why the process is challenging. The couple has to make some financial decisions during the divorce that could affect every other decision they will make once the divorce is final.

For many families, talking about money and making demands concerning it is like a taboo. Parents avoid talking to their kids about money especially after the divorce. They believe that their children do not need to worry about money. Most family lawyers think otherwise. Children must learn about income and expenses. They have to know the difference between needs and wants. They need to be taught how to save, especially now that they have to live with only a parent.

After the divorce, some children might think that the budget their parents have for them has just doubled when in truth, it was only just divided. It is the job of every parent to guide their children and give them the opportunity to become financially responsible even at their young age. When they understand the value of money and how hard it is to earn it, it’ll help them learn how to budget and spend their money wisely.

In Alberta, there are a lot of resources available to guide you. You may ask your lawyer for help on your children’s financial education. Such lessons are more important than any summer class they would attend. Children are always a blessing to the family. Show them you care by allowing them to learn the values that can help them become responsible adults in the future.