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Children, College Funds and Your Divorce

Children, College Funds and Your Divorce

Posted By Meyers Law Group, P.C. || 1-May-2013

A divorce can open the doors for many uncomfortable conversations, which usually focus on money matters. One of the biggest concerns that you may have as parents, is what to do in regards to your money, the divorce and your children's future college funds. Hopefully one thing you and your spouse can find agreement on is your wish for them to get a good college education.

Unfortunately, college does not come cheap, and it requires either a lot of savings, or years of paying off debt in the future. So, if you and your spouse are able to in your divorce settlement come to an agreement on these money matters, it may profit your children immensely.

According to a recent story on USA News, there was a couple who decided to get a divorce even with their three children. Where these two could find a middle ground was on the importance of a college education for each of their kids, and for years they set aside money for them. After the divorce, the parents agreed that for the sake of their children, they would keep in touch and continue saving their own individual amounts for each of their children.

Communication after a divorce is an essential part of the process if you plan to help your kids get the education they deserve. Though, planning the framework for how you will each help your kids with their college savings plans in the divorce settlement is not a bad idea either.

By contacting a trusted divorce lawyer in Long Island from the Meyers Law Group, we can sit down together and work through the many details of your divorce and find the best course of action for your plans as divorced parents, including the college savings plan. For this particular family and their three children, how much each child needed when college time came into the picture varied depending on various circumstances.

For example, your children may receive scholarships for academics or athletics, others may qualify for certain grants; and also depending on the school they go to, the cost of living etc., will decide how much the education will cost. Communication after the divorce is essential for that reason, if each of you plan to contribute to your children's college education.

After a divorce, there will be many topics you will need to discuss if you have children with your ex. College funds are an important issue that shouldn't be neglected if you have the ability to help your children financially. If you and your spouse are still weighing the possibility of a divorce, or have any concerns about the division of assets and how to plan for your children's future needs, contact our office today!