Children and finances are two driving factors in a divorce. How will your children handle the idea of their parents separating and how will your bank accounts suffer? Finding a separate living space, especially one that can accommodate your children, during your divorce is difficult. It is difficult to imagine your children living somewhere other than their home. There is an alternative! In this week’s #FamilyFriday article, ERA Law Group, LLC discusses an alternative approach called Nesting Agreements.
While parents are divorcing and sorting their finances, one alternative approach is to develop a nesting agreement. Nesting agreements allow the children to always remain in their home while the parents take turns residing there. For example, perhaps parent 1 resides in the home Monday from school pick up through Thursday school drop off and parent 2 resides in the home from Thursday school pick up through Monday school drop off.
During this nesting time, the parties can agree to maintain a joint account that each contribute to for paying household bills. Perhaps the parents can stay at a family member’s home during the time they are not with the children or get a small 1-bedroom apartment in the interim. It allows couples to work through the nitty gritty of their divorce while keeping stability for their children.
An important consideration is how well you and the other parent can communicate and co-parent. At times, the feelings or circumstances involving the divorce don’t allow for that to happen effectively. In those situations, a nesting agreement would not be beneficial.
If you’d like to consider a nesting agreement or some other alternative approach to separation and sharing custody, contact ERA Law Group, LLC today at (410) 919-1790 to learn more!