There is so much more on the agenda to discuss during a divorce than dividing assets. Colorado couples in these cases also have to think about the future of their children and how child custody will figure into who pays what for the kids’ continuing education beyond high school. Is the parent who has custody on the hook for paying most of a college tuition? Even if the children are still young, talks about their future should happen as a part of the divorce process.
There’s much to consider
The fact is, both parents are responsible for the futures of their children, however, a divorce settlement could include how their college educations will be handled when the time comes. It should be spelled out clearly in an agreement so as not to have to obtain court intervention before a child heads off to university. Here are some important questions to consider as divorce negotiations occur:
- To whom does a college savings plan belong?
- When the time comes, what if one parent doesn’t have the money to contribute as per an agreement?
- If a child puts off going to college, how will it affect child support and college payments?
- What happens if the child chooses not to go to college at all?
- How will parents divide the monetary responsibility for other things associated with college like room and board, meals, computer, books, etc.?
- Will one parent’s contributions change if the child chooses to live in an apartment, frat or sorority house instead of a dorm?
Child custody arrangements will be a deciding factor as to which parent’s income a child will use to apply for financial aid such as scholarships and student loans. It might also be agreed that a child should exhaust other payments such as loans, scholarships, savings, work study, etc. before either parent contributes financially. Some decisions need to be made and not left for years and just prior to a child applying for college.
There may be more questions regarding this issue during this issue. Getting advice from a Colorado lawyer who is experienced in family law issues such as child support and child custody may be beneficial. After all, divorce should not affect the future education of children.