Divorce, financial support and children’s college expenses
When some parents divorce, they don't think about how to handle the children's college expenses. In some cases, this is because the children are too young, and the thought doesn't come to mind. In other cases, it is because the parents just don't think about how the divorce will affect the child's higher education. Parents in Virginia who are going through a divorce might want to consider how to handle the financial support of the children's college education.
It might be best to come to at least a preliminary agreement about college for the children as part of the divorce agreement. If there are already funds put away for the child's college education, it is important that those funds be labeled as such during the divorce so that they can't be used for anything else.
You and your spouse should also discuss who will fill out financial forms for aid when the child goes to college. In most cases, the parent who has custody of the child the most will fill out the forms. With the increase in shared parenting, it might not be very easy to determine which parent should fill out the forms. Determining this ahead of time will likely make it easier to get the job done when the time comes.
It is also important for you to determine how other college-related expenses will be handled when you send your children off to school. Expenses like housing and textbook costs should be considered.
As you go through the divorce proceedings, you have to make sure that your interests and your children's interests are at the forefront. Seeking the assistance of a Virginia divorce attorney might help you to discover how to keep yourself protected.
Source: Reuters, "Four things divorced parents need to know about college" Geoff Williams, Feb. 28, 2014
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