If you and your spouse have children together and have decided to get a divorce, you are not alone. Many couples in Ohio find themselves in this situation every year. As you delve into the details of how to split your assets and your debts, you may also be discussing financial support for your children. Even if you have very young children, it is wise to ensure that funding a college education is part of this discussion.
As explained by CNBC, if your divorce decree does not stipulate responsibility to pay for college, this can get tricky when the time comes. If your child applies for financial aid, the parent with whom the child spends the most time in a calendar year is identified as the custodial parent and it is that person’s income who will be used to determine eligibility for some loans and grants.
You can include in your divorce decree agreements about possibly extending child support through to graduation from college, ownership of a college savings plan and more. If both parents are willing to contribute to a college education, you can outline what costs will be covered and what may not be covered. Tuition, for example, is only one expense during a child’s college career.
If you would like to learn more about how to address future college plans for your children during a divorce and what factors you should take into consideration, please feel free to visit the child support and college education page of our Ohio family law website.