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Divorcing parents need to discuss college payments

April 14, 2017

Although it would be a dream come true for many divorcing individuals that they never have to communicate with their ex again, for those with kids, that just isn’t reality. Whether the child is still learning to walk or already in school, there will be plenty of things to discuss throughout the child’s lifetime. Parents may think these discussions end when a child becomes an adult, but in many cases it does not. For example, college can be a big sore spot for divorced parents in terms of finances.

College is a strong possibility for many Connecticut children so it is important to plan for it. How will you and your ex split the tuition bill? Who will pay for books or furnishing the student’s apartment? These are things that parents need to consider as they go through divorce. The settlement could include details about how these payments will be handled in the future.

Funds for college should be kept in a special account, such as a 529 plan. That way the money cannot be used for other purposes during the divorce. Also, parents need to discuss who will do the paperwork when it’s time to apply for financial aid. According to an educational consultant, if the child lives with both parents equally, the parent that makes less money should fill out the forms. If the child is living with one parent more often, it is that parent’s responsibility.

When divorcing, it’s not only important to think about your financial future, but also the financial future of your children. Parents may think their obligation stops when their child turns 18, but in reality, many children continue to rely on their parents financially well into their adult years.

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