Posted on: 18 May 2021
Divorce does no one any favors and the most innocent and vulnerable of parties, children, often suffer the emotional and economic after-effects of a divorce in several ways. One way parents can protect their children is to take steps to protect their future. Read on and find out how to ensure that the funds needed to attend college are in place when the time comes.
Make Your Child a Priority
It's easy to overlook the college issue if your child is young. When a large and bulky issue like divorce looms, it's easy to put aside college plans and focus on just getting through the divorce. Unfortunately, waiting may be the wrong move to make at this time. That is because all divorce issues that have to do with financial matters should be dealt with before the final petition is handed down.
Settle Divorce Issues
In most cases, divorce issues cannot be reopened later. Some matters pertaining to child support and custody can be changed if the judge thinks it's merited. That is because the courts place such a high priority on the well-being of the child. Some issues, however, like spousal support and paying for college, should be addressed at the time the divorce agreement is forged and not after.
If you want to make your needs known, have them put in writing. Countless accounts of parents who had verbal agreements for addressing common parenting and financial issues can attest to the need for getting it in writing. Once the judge approves a given provision, it becomes an order and a legal matter. To help you get started, consider some of the below issues when creating a college financing provision in your divorce:
- Given an income disparity, both parents should contribute to a college fund with the parent earning the most contributing a greater amount.
- Do some research and know what will be needed for each year of college, whether it be a private or public institution. Consider tuition along with living expenses, books, and other fees.
- Many states offer plans to set aside funds and you may even find some states will match contributions or give the paying parent some tax breaks.
- Older kids should be part of the discussion and planning. Not all want or need to go to a traditional 4-year institution. You'll also have a better idea of scholarship potential if they are older.
You can and should make college planning part of your divorce decree. Speak to your family law attorney and learn more about getting your spouse to contribute to a college fund after divorce.Share