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How can you effectively plan for and use child support payments?

You know that as your divorce gets closer to finalizing in Montana, you and your ex will need to negotiate the custody and care of your children. This process is critical to creating an arrangement that benefits your children and allows them to continue a relationship with both of their parents. It also allows you to have adequate financial means to provide for the necessities of your children.

If you are at all doubtful that your ex is going to be consistent, timely and cordial about paying child support, you are better off planning for the worst. Assume that you will not be receiving payments and create a budget for yourself that is independent of any money you are expecting for child support. 

According to LiveAbout, as you prepare your budget, think carefully about how much is required to support your children throughout the month. Factor in basic needs, as well as any extracurricular activities they may be involved in. Never deviate from your budget and do not be afraid to request an agreement modification if your circumstances have changed and you need more financial support.  

When you do receive child support payments, spend the money as you would any other incoming cash flow. Take care of critical expenses first and consider putting the remaining funds into some type of savings account. Spending this money wisely will not only allow you to teach your children about the importance of saving, but you can avoid creating a bad habit of mindlessly spending your child support when you have a critical need for it. The information in this article is intended for educational purposes only and should not be taken as legal advice. 

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Cunningham Law Office is a family law-focused firm in Missoula, Montana. We serve Missoula, Ravalli County, and the surrounding area.