College Funding Options in Divorce
Divorce is often more complex when children are involved. Beyond coming to an agreement over child support and child custody, it may be important to consider building college funding options into your divorce settlement.
By taking this proactive approach, you may be able to avoid having to face the issue as your children approach college age. The answer to who pays for school following a divorce is never black and white. College funding options must be considered on a case by case basis.
At MacDowell Law Group, P.C., our lawyers offer sound legal counsel to divorcing couples with college-bound children. Whether you are looking to secure educational funds for your child or disputing a financial request, we will carefully examine the details of your situation and provide you with sound advice regarding your options.
Take A Proactive Approach To College Funding Options
The cost of higher education can be overwhelming. The earlier you determine who will pay for the cost of school following a divorce the better. While building a college funding option into your initial divorce decree is ideal, it is often overlooked.
Waiting to discuss post-secondary costs until your child is ready to begin college may not be in your best interests. Negotiating an agreement can take months. Virginia court delays could prevent your child from starting school on time. Beginning the process of determining college contributions as early as possible may help to ensure your child has the financial means needed to pursue an advanced degree.
How Is Financial Responsibility Determined?
Unlike child support obligations, parental contribution to collegiate costs is not automatic. Many factors determine financial responsibility, including:
- The cost of tuition and fees
- The academic ability of the child
- The relationship between the child and his or her parents
- The ability of each parent to contribute to costs
- The ability of the child to earn money during school
- The availability of other funding sources, such as scholarships or student loans
Do You Have Other Questions About Your Obligations? Talk To Us Today.
Determining options for college funding and securing an agreement that meets your needs as well as those of your child can be a complex process. Whether you are considering these matters during the divorce process or have waited until your child is closer to college age, it is important to protect your interests.