The Children's Checkbook

This exercise is for you since you would like to be able to easily and cooperatively share the costs of raising your children in two homes and both agree the complicated, often foreign-like, mathematical formula of the state’s Child Support Guidelines is not needed to successfully parent your children. You both agree to deviate beyond the income support calculation so you can both pay for items directly and trust each other to cooperate in sharing the expenses of your children.

The Children’s Checkbook allows you to create a child-centered budget that is flexible and can be adjusted as your children grow up and their financial support changes. We recommend creating a separate checking account for your children’s support that is easily accessible to you both where you can add funds and track expenses for a better shared experience.

We have created a spreadsheet to help get you started on what expenses will be paid by whom. Your private judge is trained in the children’s checkbook methodology and this exercise will help bridge the gap of the legal guidelines and the contractual agreements you would like to make as co-parents. The Children’s Checkbook exercise lays a foundation for your Private Judge to more easily make the decision of whether or not to allow you both as co-parents to deviate from the Child Support Guidelines in your state based on two important factors; 1) it is in the best interest of your children involved, and 2) the needs of the children will be adequately met by the agreed upon amount.

Please review the homework in Exhibit A and answer the questions. Please contact me once you have completed this exercise so we may go over any questions that you have. If your private judge agrees your parenting plan and arbitration award will include the following statement, which can be customized for you both.

CHILD SUPPORT: 

Deviation from state Child Support Guidelines/No Exchange of Support.

1. Method of Sharing Children’s Costs:

We have agreed to an arrangement for sharing the costs of raising our children that calls for itemizing all expenses related to the children and sharing these costs as provided in the Children’s Checkbook, attached to this Parenting Plan as Exhibit A.

Each parent will pay separately for food, recreation, entertainment and travel expenses, which will not be considered a shared expense and part of the joint checkbook arrangement. 

1. Amount of Support: 

We will each contribute and pay child support towards the expenses listed in the Children’s Checkbook by depositing the agreed upon sum each month into a joint checking account established for the purpose of paying for authorized shared expenses only and have agreed neither of us will spend from the checkbook on any unlisted items.

Should there be unusual or unexpected expenses that were not budgeted, we agree to discuss; 1) whether or not to incur the expense, and if mutually agreed, 2) if the item will be paid from the joint account and if they each need to deposit an additional amount to cover the expense over and above the budgeted amount.

The checkbook for this account will be exchanged each time the children are exchanged, or each parent will have use of a debit card to be used only when the children are in their care.

1. Duration of Support: 

We will be responsible for the financial support of our children until each child reaches the age of 18 years, enters the Armed Forces of the United States, is emancipated, self-supporting, or deceased, or until each child reaches the age of 20 years if the child is still attending secondary school.

Our Children’s Checkbook

Exhibit A

Method of Sharing Costs:

We have agreed to share the cost of raising our children and have established a budget itemizing all expenses related to the children. We will open a joint checking account that will be used as our shared Children’s Checkbook. We will ☐ alternate yearly who balances the Children’s Checkbook with _______________ handling the accounting in even years and _______________ in odd years. OR ☐ _______________ will do the accounting for the Children’s Checkbook. Any account maintenance fees or overdrafts will be divided using the same method as set out below.

Amount of Support:

We will share these costs:

☐ on a pro rata basis according to our gross incomes.

_______________ earns ___% of the parents’ combined gross income and will deposit the sum of $_______ each month into the joint account for the purpose of paying authorized shared expenses.

_______________ earns ___% of the parents’ combined gross income and will deposit the sum of $_______ each month into the joint account for the purpose of paying authorized shared expenses.

OR

☐ equally and each of us will contribute and pay child support by depositing the sum of $_______ each month into the joint account for the purpose of paying authorized shared expenses.

Review of Expenses:

We agree to meet and review the budgeted expenses for our children ☐ at least once a year OR ☐ every ___ months as mutually agreed upon. At this time, we can add new categories, revise current expenditure levels and/or adjust contributions for child support if needed. Should there be an unused balance of at least $2000, or should there be a shortfall for a period of two consecutive months, we both agree to an automatic review.

IF Pro Rata sharing of expenses, we agree to exchange income verification (such as W-2 or tax returns) if requested by one of us in any given year. Should there be a dispute between us, we will submit the dispute to a mutually agreed-upon C.P.A. 

Our Children’s Budget

Children Expenses	Total	Dad's Portion	Mom's Portion
Food	$0	$0	$0
Child Care/Education	$0	$0	$0
Tuition	$0	$0	$0
Education (including books/supplies)	$0	$0	$0
Extracurricular fees	$0	$0	$0
Clothing	$0	$0	$0
Medical Insurance	$0	$0	$0
Uncovered Medical/Dental	$0	$0	$0
Recreation/Entertainment	$0	$0	$0
Vacations/Travel	$0	$0	$0
Personal Care Items	$0	$0	$0
Cell Phone	$0	$0	$0
Allowances	$0	$0	$0
Other Child Expenses	$0	$0	$0
Children's Total	$0	$0	$0

We understand and mutually agree to the terms of this Children’s Checkbook.

________________________________________ ______________________________

Dad Dated

________________________________________ ______________________________

Mom