In this chapter, we capture the effect of the environmental fluctuations on our Kerr parametric oscillator by computing the effective Lindbladian of a Kerr parametric oscillator beyond the rotating wave approximation. We find that the relevant dissipators depend strongly on the nonlinearity and the mean-photon number in the oscillator. In particular, we address recent measurements of the logical lifetime on a Schrödinger cat qubit stabilized by a parametric drive, thereby providing an explanation for the observed three-order-of-magnitude discrepancy between experimental data and an ordinary Lindblad treatment. Our systematic approach paves the path to treat dissipative effects in Floquet-engineered nonlinear quantum systems.