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Divorce and Your Children's College Funds

If you are considering a divorce, one of the concerns you may have in regards to your separation is the fact that you still have children, and you desperately want them to go to a good college. Not only do you hope that they will have the opportunity for a strong education, but you also wish to help them pay for some of their schooling, so that debt isn't looming over their shoulders when they graduate. However, with the possibility of divorce you may wonder how this may affect or even harm your children's funds for college. The number one way to prevent your children's college career from having to pay for your divorce is to communicate with one another.

Take some time before or during the divorce to discuss with the other parent a plan of action for how you will each pay for your children's college career; or perhaps multiple children. Many factors play into how much this education will cost, such as scholarships, sports, in state discounts, room and board, etc. All of these aspects may change your students bill for school from being anywhere between a few thousand to $50,000 per year. During your settlement process, you will want to reach a general agreement with your soon-to-be ex-spouse in order to make sure that your kids receive the education they deserve.

While flexibility is necessary if there are job changes or unforeseen health expenses, you and your spouse can reach an agreement for how you will each contribute after the divorce, whether college payments start next year or in ten. Without communication for these college payments, when the time rolls around that the payments need to be made, your child's actual education may be placed at risk. Perhaps your ex-wife has to have an expense medical procedure, and this month is unable to contribute to your daughter's school payment; being in communication with each other will help prevent the payment from going unmade as it could result in your daughter not being able to continue classes if it isn't paid.

While it is true, a divorce may be an extremely difficult season of life, don't let your children suffer as a result. If you are currently considering filing for a divorce, contact a trusted Raleigh divorce lawyer at the Hopper, Hopper & Mulligan, PLLC today to discuss your situation. At our firm we will help you walk through all the matters of your divorce, and hopefully relieve some of the stress that you may be currently carrying on your own. Contact us today to learn more about how we can help you with details like property division, child custody, alimony payments, and more.

Categories: Divorce

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