Parents in New Jersey know how expensive their children can be. Those who are going through a divorce should keep in mind that the cost to raise children in today’s society is extremely high. Care should be taken in making child support arrangements to take into account the high cost of raising children.
According to a recent US Department of Agriculture report, the cost to raise a child to adulthood is currently over $240,000, and parents should expect that amount to double if the child attends college.
Since 1960 the cost has gone up 23 percent. The study looked at seven areas of spending with the majority of the cost, 30 percent, coming from housing. Child care comes in at number two. The costs vary widely based on income, geographic location and family size. An example is a family that makes less than $60,640 a year will spend $173,490 while a family who makes more than $105,000 will spend $399,780.
Because of the high cost of raising children, those who are going through a divorce should be careful in child support arrangements. Calculating the child support payments in a divorce is extremely important as those funds are used to pay for the children’s expenses. Because this study shows that those expenses are high, consulting with a legal professional skilled in family law may be a good idea in order to make sure the child support payments are fair. Child support and spousal support are important to ensure that both parties are able to move on after a divorce with a good foundation.
Source: Los Angeles Times, “Price tag for raising a baby until adulthood: $241,080,” Shan Li, Aug. 29, 2013.
