For Divorced Couples, Paying for College May Not Be an Academic Issue
It happens before you know it, your child has grown up and is off to college. The wonder of “where did the time go?” is compounded when the parents of the new high school graduate are divorced. There are many questions and potential complications when it comes to college, finances and divorce.
It can be overwhelming for clients to include college financing in a divorce settlement. However, writing a college financing plan into the settlement allows the cost of college to become an enforceable agreement. There is the need for a little bit of educated guessing to know what the costs may be when the child(ren) are ready for college.
College costs are increasing at a rate much faster than inflation, so predicting the costs of the future is increasingly difficult especially if the agreement is written when the children are young. Once it’s signed, unless the agreement allows for a modification, the parent is liable for those expenses regardless of changes in their financial circumstances.
Areas to consider:
- Tuition Costs
- Schools – Public or Private
- Degrees – Length of College Career
- Student Performance
- Other Expenses
This is a quick overview. Click here for more details on College and Divorce from Hedgepeth Heredia attorney Jon Rotenberg: https://www.hhfamilylaw.com/news/for-divorced-couples-paying-for-college-may-not-be-an-academic-issue/
You can reach attorney Jon Rotenberg at jrotenberg@hhfamilylaw.com.
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