Going through a divorce can be one of the most challenging phases in anyone's life,…
Couples are rarely prepared with a financial plan when it comes to a divorce. This often puts the children’s college goals in jeopardy, since tuition plans are rarely discussed among married couples. All couples in Kansas City, Kansas should have a financial plan in place whether divorcing or not.
The typical costs of a college education at a private school averages $46,950. A divorce financial analyst could be consulted to help create a plan specific to the couple’s family needs. The financial analyst could create the foundation for funding expenses like tuition costs, spousal support, and child support. They may be able to map out a plan that covers these topics and more, which helps protects college plans for deserving students.
Some states require that parents cover tuition costs for their children while others do not. The normal standard is to require that parents pay for tuition if the funds are there to do so. The standard is if the child gets into a school, and if the parents have the resources to afford their children’s education, parents should pay for college expenses for that child to attend that institution. All couples are encouraged to have a plan in place just in case a divorce or in the event of a spouse’s death.
Being flexible is recommended as any existing financial plans in place may be affected by an impending divorce. For example, a plan that may have both parents prioritizing their children’s education over everything else could be impacted during a divorce as topics like financial support, spousal maintenance, living expenses, and alimony are all at the forefront.
A family lawyer might be able to ensure that all important financial topics are handled during a divorce. In addition to child custody and property division, the family lawyer might work with both parties to create a financial plan for college expenses. There are many moving parts to the typical divorce, and a family attorney may be able to ensure that the former spouse’s standard of living, financial support needs, and children’s college education expenses are addressed during the divorce.