The divorce process can complicate many things, especially when parenting is concerned. Spouses often go about seeking joint custody or planning for raising children after a marriage is terminated. One factor each couple should take into account if they plan to part ways is planning for their child’s college education. The tips listed below should paint a better picture for any divorcing spouse to point them in the right direction in order to properly plan for his/her child’s future education expenses.
Factoring the Cost of College
The cost of a college education continues to increase, making it a huge financial undertaking for any divorced parent. Tuition and other costs at public institutions now average more than $14,000 per year, according to the National Center for Education Statistics. The cost is even higher for private, nonprofit institutions.
It can be difficult to start saving for college early on when parents have already gone through the process of divorce and marital assets have been divided. Divorcing couples with children should seek legal services to formulate a plan for how tuition costs will be divided.
Eligibility for Financial Aid is not Guaranteed
Many families apply for federal financial aid to help pay for the rising cost of tuition. It’s important for divorcing parents to know that eligibility for said aid is determined by the income and assets of the custodial parent.
If a parent is granted primary custody and later remarries, the new spouse’s income and assets are taken into consideration. There are many factors that can make your child ineligible for financial aid, which is why divorcing couples should always plan accordingly during a child custody arrangement.
Plan for the Future with Us
Circumstances can drastically change between the times divorcing parents initiate a child custody agreement to when the child or children head off to college. These agreements should be modified to factor in any circumstances that can affect your child’s education.
Our divorce attorneys in McAllen have the experience working with child custody arrangements for divorcing spouses. Speak with our attorneys to find out more about incorporating your child’s future college expenses into your divorce settlement.