There are many things about the future that a person who is going through a divorce may be concerned about. For divorcing parents, these concerns often are not just limited to being about their own future, but also about their children's future. For example, one thing a divorcing parent may be worried about is their children's ability to eventually get a college education.
Being able to go to college is something that many parents strongly wish for their kids. Thus, quite a few parents want to provide some sort of financial help to their children for this sort of education. Many married parents put together plans for building up college savings for their kids and for funding future college education for their kids.
During a divorce, parents may be worried about what impacts the divorce will have on these sorts of plans. It is true that divorces, and what happens in them, can have major implications when it comes to college funding and college savings issues. However, through carefully taking these implications into account, divorcing parents can readjust their college savings/college funding plans for their kids to help such plans remain in a strong position to achieve the goal they are aimed at: helping the kids get the higher education they desire.
Among the various different things divorcing parents may want to keep in mind when adjusting their college savings/funding plans in the wake of a divorce are that:
- The child custody arrangement reached in a divorce can have implications when it comes to applying for financial aid for a child for college.
- What a divorcing couple ultimately decides to do with any 529 college savings plan they formed for their kids can affect what rights and abilities the two parents have with the plan moving forward and also can have financial aid implications.
- There can be important tax issues for divorcing parents to take into account and consider when it comes to their kids and college.
Divorce lawyers can help divorcing parents understand what they can do in relation to their divorce to try to further their various goals for the future, including their college savings/funding goals regarding their kids.
Source: U.S. News & World Report, "3 Important College Funding Questions to Answer During a Divorce," Andrea Williams, August 19, 2015