We are often asked how money and the finances of a divorce or separation impact on the arrangements for children.
The legal answer is that they are entirely separate and should be kept that way. The reality however can be very different.
Usually, but not always, the arrangements for the care of the children are dealt with before the money. This is because the children’s care impacts on who gets how much of the money. For example, a parent who is the sole carer of the children will usually receive a greater share of the money than a parent who shares the children’s care 50-50.
Some parents can be motivated to want to care for the children for more time, so that they receive a greater share of the assets.
Others may use money as a means of financially ‘punishing’ the other parent. For example, withholding or reducing maintenance payments. That may then negatively affect the other parent’s care of the children.
Judges of course do not approve of this type of behaviour. When it is happening however, it is very difficult for the parents to see how the children and finances are to be kept separate.
If you are divorcing or separating and need expert advice on the arrangements for your children, please get in touch.