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Child Poverty Action Group have recently published a report concluding that the overall ‘cost of a child’ up to the age of 18 for a couple is £150,753.

 

For a lone parent, the amount increases to £183,335. The findings are based on the public’s perception of a minimum standard of living.

 

The task of meeting those costs is of course put under even greater pressure against the backdrop of a divorce or separation.

 

As Rob Parker, specialist family solicitor at Lamb Brooks LLP, explains, ‘Trying to finance two new households out of what used to be one is by no means straight-forward at the best of times, but is made all the more challenging in the context of young families.   From the court’s point of view, the overriding consideration is the financial needs of any children, but it is always important to take specialist advice at an early stage on all the options available.  It is worth reflecting that the CPAG’s findings reflect the ‘minimum’ standard and the reality for parents is of course to aspire to achieve better’

A link to the full report can be found here:  http://www.cpag.org.uk/sites/default/files/uploads/CostofaChild2018_web.pdf

 

For further advice on financial provision for children following divorce or separation, please contact Rob Parker on 01256 305 530 or email rob.paker@lambbrooks.com

 

The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice.  The law may have changed since this article was published.   Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.