Figuring out any childcare costs after a divorce can be difficult, especially once it comes to determining who pays what for your child’s college education. There are many discussions and issues that will come up, and there are some things you can do to make the process easier and more efficient.
Unless the payments are court ordered by a judge, there is no legal obligation for either parent to pay for college tuition. If you don’t have a court order, secure funds by including the obligation in your divorce settlement agreement. The funds can be allocated to a set-up trust account to ensure they are available when needed, or you can agree to have them paid in one lump-sum payment.
If your children are young, a lump-sum payment option may be more ideal. When the child reaches college age, the funds will be ready for tuition bills, given that they have been saved for and invested in properly.
Your divorce settlement agreement should include a specific written college support agreement along with any other child support settlements. All of these details will involve negotiation, so be prepared to do so. Outline which expenses are included. College costs may not just be about tuition, but also about books, room and board, extracurricular activities and monthly allowance.
Secure any funds you have saved specifically for college funds. While you are saving the money, be sure that it cannot be utilized for anything else except for it’s intended need of paying for the college education of your child.
Be sure you strategize with your former spouse about who will be in charge of filling out aid forms. Federal Aid forms will only detail the income of the parent that the child lives with the most, and will include the income of a stepparent if there is one.
For more information on divorce and child custody agreements, contact a Glendale divorce lawyer at The Sampair Group. Visit www.sampair.com for a free consultation.