How to Plan for Educational Financing During a Divorce
If you have children and are going through a divorce, you are probably concerned about how you will pay for their post-secondary education. If you happen to have children who have already graduated high school, it may actually be easier for you because you may already have an arrangement with your co-parent. However, if you have younger children, there may be a lot of questions.
Since a variety of factors can change between now and when your children need to enroll in post-secondary education, the cost of such is essentially an expectancy. Most judges will not order a specific amount that each parent has to contribute unless the child or children is within a year or so from enrolling in said school. This is due to the variance that can occur in the economy, each party’s income, the school’s tuition, and also the child’s ability to earn scholarships or grants or be able to take out his or her own loans. Therefore, most people include the necessary statutory language in their divorce agreement so that the court can retain jurisdiction over their children’s post-secondary education if necessary. Then, if the parents reach an agreement when the time comes, neither party has to return to court. In the alternative, if the parties cannot reach an agreement, they have “left the door open” with the court to return as necessary.
While it is outside of the scope of the divorce agreement, it is also often important to consult with a financial advisor so that you can plan accordingly if you do hope to contribute to your child’s education. If you have any questions pertaining to how to incorporate appropriate language into your divorce agreement regarding post-secondary education for your children, contact us and let Wolf & Shore Law Group go to work for you and help make your family law matter easier, not harder. Ever Argue with a Woman? Click here, call us at 203.745.315, or email us at info@wolfandshorelaw.com.
