College and Divorce: Covering Kids’ Tuition and Other Costs
Just because you and your soon-to-be ex-spouse are ending your marriage doesn’t mean your kids can’t still receive a college education. You should, however, devise a plan regarding college and divorce to ensure your kids can afford to enroll one day.
See how to accomplish this goal below.
Who Pays College Tuition for Kids Following a Divorce?
In a perfect world, divorced parents with kids wouldn’t have to worry about who would pay for their children’s college tuition since the school would provide enough financial aid and scholarships to cover those costs.
In reality, most situations involving college and divorce are more complicated and involve some level of financial investment. It isn’t always clear which parent should pay for college-related expenses, leading to confusion and, in some cases, resentment.
You and your ex-spouse should be on the same page as far as who will cover which college costs. In some cases, one of you might be in a financial position that allows you to cover significantly more costs than the other. However, you might also need to agree to fill out a Free Application for Federal Student Aid (FAFSA) form with your kids to take out loans to pay for their schooling.
Do Child Support Payments Continue When Kids Attend College?
When a married couple with kids chooses to divorce, they usually come up with a custody agreement. As part of it, one parent typically agrees to pay the other child support until their kids turn 18.
However, you and your ex-spouse might decide to extend child support payments beyond this point and use them to pay for your kids’ college tuition. This could turn into one parent’s contribution while the other pays out of pocket for additional expenses.
How Can You and Your Ex-Spouse Plan Ahead for College?
Married couples ready to divorce shouldn’t wait until their kids are college-aged to figure out who will pay for higher education. Instead, they should talk about their expectations for paying for college while working on their initial divorce settlement.
Whether your kids are still small or on the verge of going to college in a few years, make the proper plans for paying for their college educations in advance. This will prevent you from having to scramble to come up with last-minute solutions to dealing with college and divorce.
Call Karen Ann Ulmer, P.C., To Assist With Your Divorce
When it comes to who pays for college and divorce, there aren’t any definitive laws. It’s one of the many instances in which divorced couples must set their feelings for one another aside and do what’s right for their kids.
Karen Ann Ulmer, P.C., can help make this possible. Call (866) 311-4783 to learn about your options.
