Divorced parents are not the only ones that enter financial hardships. Their children do as well, especially those planning on pursuing a college education. According to a study published in the Journal of Family Issues, 42% of college costs are provided by divorced parents compared to 77% of married couples. Also, a study by psychologists, Judith Wallerstein and Julia Lewis, concluded that 29% of divorced parents assisted their children in attending college in some way as opposed to 88% of married couples. It is also worthy to note that divorced parents’ abilities to support their children’s educations are also determined by their own education. College educated divorcees are more likely to both support and afford their children’s education as opposed to those divorcees with only a high school diploma.
Children of divorcees should not let their parents’ divorce infringe on their wanting to pursue a higher education. Although costs for college are more difficult for divorcees, opportunities to assist their children are available. For example, one of the most popular options is for both parents, upon divorcing, agreeing to partake in a future payment plan for their children’s expenses. Such expenses can include:
- Living Costs
- Food Costs
- Accessories (Textbooks, electronics)
Other obligations included in the agreement may be which type of institution the children may attend, how long the obligation should last (ex. 4 years), if the child should be either a full or part-time student, if a certain GPA should be maintained and how each parent should contribute to the agreement.
Other options for savings can include:
- A 529 savings plan
- Coverdell Education Savings Accounts
- Prepaid tuition plans
A divorce attorney has the extensive knowledge of how you can provide for your children after you and your spouse divorce.
Are your recently divorced spouse and yourself worried about your child’s college expenses? Contact the experienced divorce attorneys of McAllen’s Barrera, Sanchez & Associates at (956) 287-7555 to get started on a plan.