Lee Israch Wright
Certified Divorce Coach
Lee talks about a solution that has worked well for her and her ex-husband for managing kids expenses jointly in a simple, transparent and very hands-off method. The idea with the shared bank account is that both parties contribute to it each month and both have access to all the transactions so there is complete transparency. They work together to determine when they need to add more to the account if expenses for the kids increase for certain unexpected expenses. There is no need to save receipts, chase each other down for re-payment or constant back and forth about who paid for what.
Hi, Lee here, I’m a divorce coach and today I’m going to be speaking about the MSA, which is the settlement agreement thatyou come up with to finalize your divorce. And this MSA is a document thatyou can be very creative with.
Like you can find what Solutions will be best for you and your ex to make your life run as smooth and easily as possible. So there is no right or wrong. Iwrong or one set way to create your MSA. And one of the things that worked really well for me and my ex, and I thought I would share that is we agreed to a shared bank account and that bank account was for everything related to the kids, medical bills, school activities, anything related to donations to the school.
We also put Money into that account. And then that went into our College savings account. So we agreed, we would both contribute 50% equally into this bank account at the beginning of each month and based on what was going on. Like, when they, when both kids had braces, we raise them out that we were both contributing each month.
And then, if things quieted down, we could reduce the amount we were contributing but it saved us time and frustration. Ation on? Oh, I paid for the braces this month. You owe me or trying to keep receipts and keep track of receipts or I said that I would pay for this and MSA, and you’re supposed to pay for this like all ofthat kind of disappears because the beauty of this joint bank account is you both have access to it. It’s completely transparent. And when it gets low like periodically, we would just get low because we had unexpected. Hit the bank account and I would just let him know that we both needed to add an extra hundred or two hundred dollars. And aside from the fact that it might take him a few days to respond or actually do it. And again, that comes back to another video, I did on choosing your battles.
I just always let things like that go, but it works. It’s an amazing system, or at least it has been for us. Yes. And I thought I would just put that out. There is something that might help you. If you are trying to devise systems that will make co-parenting and your lives a little simpler. So I hope that helped good luck. Take care.
