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Financial changes can be challenging for kids: Talk it out

When you and your spouse both make good money, it can make it harder to imagine going through divorce. After all, if you divorce, your income will decrease significantly. Even if you both make six figures, there will be a drop in how much you have available to you.

This can be hard on children, too, but that's why it's important for you and your spouse to sit down and talk about how you can divide your assets and provide the best life for your children after divorce. They are used to having the funds of two parents at their disposal, but even with child or spousal support, there may still be significant changes in the future that limit their financial options.

How can you make a divorce easier that will challenge your children's expectations?

The first thing to do is to sit down with your children and try to explain the divorce and the financial implications in an age-appropriate way. For example, you might say that you're moving to a smaller home to be able to maintain their activities. Similarly, you should say that you're willing to stay in this home but that everyone will have to give up something they love to do to make it affordable. You don't have to go into deep detail, but talking about changes in a way where they affect everyone will make them seem fairer to your children.

Financial changes can be hard, but if you focus on moving forward, your children will adjust. Your attorney can talk to you more about making the divorce less financially draining, too.

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