If you’re involved in a complex family law case, such as getting divorced with kids or trying to work together as single parents who are no longer in a romantic relationship, one of your main questions may simply be what your children will cost you. This information helps you when considering child support, child custody and things of this nature. You need to know what your financial obligations will look like in order to come up with a plan to meet them.
First and foremost, the costs are different for everyone. They depend on where you live, how much you earn, what activities your child does and a nearly endless list of other factors. Don’t just assume it will be the same for you as it is for someone else.
That being said, experts generally put the average annual cost at anywhere from $12,350 to $14,000. These costs take into account things like:
- Medical costs
- And more
While looking at the annual cost probably helps you the most with your budget, it is also important to look at the big picture and consider the total costs you could face by the time your child becomes an adult. For that, the average is $233,610 per child, or nearly a quarter of a million dollars.
Again, you may not personally pay that much, but this does give you a good place to begin so that you do not accidentally underestimate what it is going to take. Make sure that you understand all of the legal rights and options you have during the case.