Ensuring That Divorce Doesn’t Negatively Impact Your Child’s College Education
One of the biggest concerns that many couples who share children have is how divorce could possibly affect their children; specifically, whether pursuing a divorce could interfere with their child’s ability to afford a college education. Below, we discuss how you can prevent your divorce from interfering with this important aspect of your family’s life. Everyone Should Have a Plan According to a recent study by Ameritrade, two-thirds of married couples do not have a financial plan in place, even in the event of a spouse’s death. With college costs increasing approximately three percent per year and four out of 10 marriages ending in divorce, this is beyond shocking. The average cost to attend a public, in-state school is $20,770 per year, and a private college costs approximately $46,950. Thus, even without the prospect of divorce, parents need to plan in order to afford college, especially because immediate family costs usually trump saving funds for a college education. What the Law Dictates When it comes to divorce, the law does not mandate that parents pay for college if those finances are not available. Courts are interested in what’s in the child’s best interest, which means the best school the child can get into if that’s where they want to go. However, divorce agreements can address who pays for college, and many do build in a maximum of five years for making college payments if college payments are addressed. Still, married couples, those contemplating divorce, and already divorced parents should re-evaluate whether their children plan to attend public or private school, as well as the availability of deferment, discounts for multiple children, grants, scholarships, and student loans. 529 Plans The best way to save for a college fund is through a 529 plan, and to establish one prior to entering divorce proceedings, as the money is never taxed as long as it is used for education purposes. These plans are typically owned by one parent; thus, if a couple seeks a divorce, it is crucial that very specific plans for the 529 account be made in the divorce agreement. One option for the 529 account is to split it in two or at least make it possible for both parents to monitor the account. Florida Divorce Attorneys Who Can Help If you and your spouse live in Florida and are seeking to dissolve your marriage, you should work with an experienced divorce attorney who will help ensure that you and your children are taken care of. Many attorneys work with financial advisors during the divorce proceeding in order to ensure that all of this is properly taken care of. Our Florida attorneys at HD Law Partners have extensive experience in helping couples throughout Orlando, Sarasota, Tampa, and surrounding areas ensure that everything is planned for. Contact us today to find out more. Resource: cnbc.com/2018/05/18/how-to-keep-your-divorce-from-sabotaging-your-childrens-college-education.html Tags: Florida Family Law, Florida Family Law Attorney, Florida Family Law Attorneys Posted in Child Support, Divorce, Family Law | No Comments » Connect with us Archives May 2026 April 2026 March 2026 February 2026 January 2026 December 2025 November 2025 October 2025 September 2025 July 2025 June 2025 January 2025 January 2024 December 2023 November 2023 October 2023 September 2023 August 2023 July 2023 June 2023 May 2023 April 2023 March 2023 February 2023 January 2023 December 2022 November 2022 October 2022 September 2022 August 2022 July 2022 May 2022 April 2022 March 2022 November 2021 October 2021 September 2021 August 2021 July 2021 May 2021 April 2021 March 2021 February 2021 January 2021 December 2020 November 2020 October 2020 August 2020 July 2020 June 2020 May 2020 April 2020 March 2020 February 2020 January 2020 December 2019 November 2019 October 2019 September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 June 2017 May 2017 April 2017 March 2017 February 2017 January 2017 December 2016 November 2016 October 2016 November 13 Categories Alimony Appellate Arbitration Auto Accidents Auto Insurance Business Corporate Business Insurance Law Child Custody Child Support Criminal Law Divorce Family Law FEMA Insurance Payments Florida’s Mandatory 2‑Hour Legal Professionalism CLE: Foreclosure Defense Fort Myers Hurricane Insurance Attorney General Guardianship HD Law Partners Service HOA/Property Management Homeowners Association Homeowners Insurance Hurricane Claims Hurricane Insurance Insurance Bad Faith Insurance Claims Insurance Defense Insurance Litigation Landlord Tenant Law Enforcement Liability Loan Modifications Mold Water Damage Parental Rights Paternity Personal Injury Premises Liability Law Prenuptial Agreements Private Security Property Distribution Property Owner Law Sarasota Insurance Litigation Attorney Slip Fall Tampa Business and Corporate Attorneys tampa family attorney Tampa Insurance Attorneys Timeshare Timesharing Uncategorized HD Law Partners is proud to be your trusted full-service law firm Quick Links Property & Casualty Business & Corporate Litigation Family Law Contact Us Careers Get In Touch 2002 North Lois Avenue Suite 510 Tampa, FL 33607 813-253-5333 Contact Us