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Dividing property with kids: How children influence your divorce settlement

On Behalf of | May 19, 2021 | Divorce

When you have children and are going through a divorce, you need to recognize early on that everything you do has to benefit them and be in their best interests.

Your children have property, but that property is technically a parent’s unless it was a gift. In divorce, dividing your property includes dividing your children’s property, which is something to be considerate of as you work through your settlement.

Your children’s belongings could affect your settlement

There are a few ways that your children’s belongings could affect your settlement. For example, if you have a child with a medical condition, you will need to decide if you want to seek their medical devices yourself or if you will buy new items. You may need to determine if those items will travel back and forth or if one of you should be compensated to buy doubles.

The same is true of things like your children’s furniture and toys. In your settlement, you have to decide where their electronics and computers will go or how to split up their furniture. That is something you should discuss with your ex, because it can be costly to buy replacements for items that stay in the other parent’s home.

Many parents overlook the cost of replacing items or buying duplicates for their children, but the costs can add up. When you divide your assets, think carefully about which parent will be able to buy back-up items and if your child needs more than one of the things they own. If so, build in compensation for the parent who has to make those purchases, or think about opting to allow the lesser-earning parent to keep those costly items.