"Those of us with young adult children often have a rude awakening when our kids turn 18 - that they're not quite ready to be adults in a financial sense. This is especially true in today's economy, where basic costs like rent and groceries have risen faster than salaries have kept up. If the child lives in a high-cost-of-living area, the divide between income and expenses is even more pronounced, and not even the most frugal budgeters and creative accountants can make the numbers work. That's usually when the phone call comes: "Mom, Dad, I need help paying my bills.""
"Though married couples can, and often do, disagree about how much (if anything) they will to give their young adult child in the way of financial support, for divorced parents who are deferring to a settlement agreement that may have been created more than a decade earlier and may have expired, the conversation can become an uncomfortable one (or worse) between co-parents, with kids being caught in the middle. So, how to plan for a future where children past the divorce agreement's expiration may need your financial support? Here are my suggestions."
Young adult children frequently lack full financial readiness at age 18, a gap amplified by rising rents and grocery costs outpacing wages. High-cost-of-living areas deepen the income-expense divide, leaving even frugal young adults unable to meet basic needs. Divorce settlement agreements may have expired or not anticipate post-18 financial needs, creating awkward or contentious co-parent conversations and leaving children caught in the middle. Prioritize working amicably with the child's other parent before involving lawyers. Seek family law counsel about extending support if necessary, plan for potential future support during divorce decisions, and protect personal financial stability.
Read at Psychology Today
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