The arrival of children into a family is a wonderful time. For new parents, it is full of promise and happiness. The daily changes in your child as they grow into little people full of inquisitiveness is a beautiful watch.

If you are thinking of starting a family, there are many things to think about. The level of responsibility grows with the arrival of each new member of the family. Initially, I recommend you consider the following questions:

1. Based on your level of savings, how long could maintain your current standard of living if you had no income?
2. How long do you expect your children to be dependent on you?
3. What standard of living would you want your children to have?
4. What schools would you want them to attend?
5. Would you want them to have the opportunity to attend university?
6. Bearing in mind children will add to your living expenses if your answer in 1 is less than your answer in 2, how do you intend to finance the difference?
7. Who would you nominate to look after your children if both of you were to die?
8. If the person in 7 is not in UAE, who would you nominate to look after them temporarily and do you know what to do to make the arrangements recognised by the local authorities?

Other Considerations for New Parents

Typically, one parent becomes the main breadwinner and the other looks after the home and family. Expats often use nannies to help out. This enables both parents to return to work in a shorter time. Thus minimising the time on which short-term savings have to be relied on.  

Children are reliant on their parents for a very long time and consideration needs to be given to how their needs will be met if one or both parents are unable to meet those needs. This could be through loss of income, serious illness or even death.

Within the UAE, the rights of stepparents and parents who have adopted children are different from the rights of parents with biological children. Specialist advice should be sought in these circumstances.

If you have not already made a Will you should do so. If you have made a Will you should review it adding provisions for guardianship of children.