Financial Planning For an Illegitimate Child

By

Financial Planning For an Illegitimate Child
Money's the last thing on your mind, but you need to take it into consideration.

So you've survived the fact that your spouse had an affair and you're working past it. And you're even able to accept the fact that their girlfriend is having their baby. Now you'll have to think about the financial impact it will have on you and your spouse.

It's not the first thing everyone thinks of, but the existence of an out-of-wedlock child will have a big economic impact, and the financial responsibility will grow with the child.
 
1. Unless you can settle with the child's other parent out of court, court costs can be very expensive. 
However, they may be necessary to work out child support and/or custody arrangements that are enforceable. For this, you'll need a good family attorney. Even if you are able to work out an agreement without going to court, be sure to have it legally written up, notarized and recorded to prevent future problems.

 

2. Once you have an idea of what the legal costs and child support will be, you’ll need to rework your budget. 
You may want to do this in therapy, because trimming the budget can activate a new round of blaming and anger. This is a great time to get full disclosure of all financial accounts, debts, and arrangements.

3. Don't forget to consider medical and life insurance in your costs.
It's best if you can put all costs, clothing, food, insurance, school fees, etc. into the legal custody and support agreement. An expert lawyer or accountant can help you estimate these costs accurately.

If you do all of these things then both your marriage and your pocketbook can make it through intact.

More Infidelity Advice from YourTango:

This article was originally published at . Reprinted with permission.
Article contributed by
Advanced Member

Dr. Tina Tessina

Author

Tina B. Tessina, Ph.D.
http://www.tinatessina.com
tina@tinatessina.com
562-438-8077
Dr. Romance Blog: http://drromance.typepad.com/dr_romance_blog/
http://www.twitter.com/tinatessina
http://www.facebook.com/#!/DrRomanceBlog
Amazon author page http://amzn.to/rar7RC
 

Location: Long Beach, CA
Credentials: LMFT, MFT, PhD
Other Articles/News by Dr. Tina Tessina:

Dr. Romance asks: Are the Post-Holiday Blues getting you down?

By

Everyone is relieved when the holidays are over, and sometimes disappointed. If you're worn out, it's worth your while to take the time to recharge a little, and pamper yourself. Dr. Romance gives  4 Tips for handling Post-holiday blues * If you are disappointed, and the holidays let you down in some way, process that first. Write in your ... Read more

Dear Dr. Romance: How Do I Stop My Husband's Ex-Wife from Smother

By

Dear Dr. Romance:  My husband has a son with his ex-wife.  He is 12, but she still invites him to sleep in her bed. How old is too old to be sleeping with Mom?  I know kids from divorced parents have different issues-- one being how a child should sleep, what manners to follow, at what time to do their chores, homework, etc. I think ... Read more

Creating Family Acceptance

By

Lately, I’ve gotten so many anguished questions from people who are being criticized and rejected by family for making relationship choices the families don’t like, usually for cultural or religious reasons, that I changed my mind about what I was going to write this month. If your choice of a partner, lifestyle, religion or place to live has ... Read more

See More

 
My Videos
ASK YOURTANGO MORE QUESTIONS
Must-see Videos
SEE MORE VIDEOS
Most Popular