Sharing expenses outside of child support can be stressful for New Jersey parents. Parents in different scenarios discover that there is no perfect solution, but it is vital to communicate openly and honestly. Furthermore, parents should also devise a plan or use an app allowing the other parent to see exactly where the money was spent.
Income share formula
Some divorced parents find that the best plan for them is to split costs incurred in raising their child that falls outside the child support agreement in half. Then, each parent pays half of the expense. Parents can upload receipts directly to an app and pay through it if giving money to the other parent is troublesome.
A and B needs
Some parents divide expenses into A and B needs. A needs are things the child must have, such as food and a safe place to live. B needs are things the child wants and the parents find acceptable for the child, such as money to play sports. A needs are covered by child support. Then, parents put a set amount of their income into a pool for B needs, which they can spend without discussing it with the other parent.
Percentage of income
This model is very similar to the previous one, except that the parents put a percentage of their income into obtaining things the child wants, such as summer camp. Then, the custodial parent spends the money on meeting the child’s needs. This can be a great choice if the parents make widely varying amounts because it is an equal percentage of the parent’s income.
While there is no perfect answer, parents can use different methods ensure that a child’s wants and needs are met.