Whether parents are considering terminating their marriage or have already filed for divorce, they should think about several factors that must be finalized in the divorce settlement. Parents have a host of issues that must be resolved before signing the final agreement, including child custody, parenting plans and child support. Another thing experts recommend parents consider is how their child’s college future comes into play and how the divorce may affect their education and plans.
Depending on how old the children are at the time of divorce, parents may want to come to an agreement in the divorce settlement regarding these issues or may want to wait until the time comes closer for their children to enter college. Regardless, the decree should explain certain terms in the plans. First, it is important to explain where the money will come from. Are both parents responsible for college funds? Has the money been put away in plans? Who is responsible for covering meals, laptop, books, tuition and room and board?
In some cases, divorce can affect whether the child is eligible for financial aid. The child must include the custodial parent’s information on the form, as well as which parent owns the college savings plans if there are any involved. Parents should keep in mind that some states have laws requiring them to address college plans in the divorce settlement.
Going through a divorce can be a difficult time for everyone involved. An attorney in Ohio may be helpful in answering your questions and helping you get started in filing your divorce paperwork.
Source: CNBC, “Getting divorced? Don’t forget to talk about how you will pay for your kids’ college,” Carmen Reinicke, Aug. 10, 2018.