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Extension > Family > Parents Forever™ > For Families > Resources for Families > The Financial Side of Family Transition > Your Children's Financial Future: Being Prepared for Unplanned Changes

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The Financial Side of Family Transition

mother feeding toddler daughter

Your Children's Financial Future: Being Prepared for Unplanned Changes

Madeleine Alberts, Children, Youth and Family Program Leader; M. Kathleen Mangum, Sandra Syverson, Barbara Radke, and Minnell Tralle, Extension Educators — Family Resiliency

2012

When you experience a family transition like divorce or separation, you will most likely experience some sort of financial changes. If you were married or in a committed partnership, you will need to figure out how to split assets and debt. Everyone needs to figure out their own financial survival plan after a family transition.

While budgeting month to month is very important, you will also need to think about the future costs of raising your children. Here are some financial questions that will help you begin to think about life events and unplanned changes that may affect you and your children's financial future.

Think of other unplanned changes that could affect you and your children's financial future. The more you can try to work with your children's other parent to plan for the potential changes, the better you will be prepared should those changes actually occur.

Related Resources

Protecting Children Against Future Risks — Your children are at special risk as your family’s finances are changing due to a divorce or separation. Learn what you can do to financial protect your children’s well-being in the future.

Adjusting to Suddenly Reduced Income (9.87 MB PDF) — Take into account the financial, emotional, and social aspects of sudden income loss.

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