The average costs for a year of study at a public four-year in-state college is $20,770 and $46,950 at a private nonprofit four-year school. That’s according to higher education trend journal CollegeBoard.
What impact will divorce have upon your child’s plans for college? In this issue, we’ll talk about how you can still make college possible for your child – even after splitting with your spouse.
Am I required to pay for my child’s college after divorce?
In a previous post, we wrote about your legal requirements in terms being required to pay for your child’s college after divorce. The short answer is that where you live plays a large role in determining your legal responsibilities because each state has its own set of rules.
Here in California, for example, your child support responsibilities typically end when your child reaches his or her 18th birthday. The support may be continued to your child’s 19th birthday or high school graduation – whichever comes first.
How can I pay for my child’s college education after divorce?
While the tuition rates mentioned above are for the 2017-18 academic year, college costs have been increasing at about 3% each year. A recent article from CNBC, however, shows how – with a bit of planning – you can still make college a reality even after your divorce.
- Be flexible with your plans.
Divorce has the potential to play havoc with your financial situation, so you may need to re-evaluate your child’s choice for college. For example, if you were planning on a private college, you may want to look at public school and focus on available scholarships, grants and student loans.
- Invest in a 529
Regardless of relationship status, a 529 plan is ideal for any parent trying to save for college. The funds you accumulate in a 529 are tax-free, and there are no associated withdrawal taxes as long as it’s for education expenses.
- Talk with a financial expert before and during your divorce.
Making sure you have a qualified financial planner as you work on your divorce agreement is smart move, and can ensure you’re on the right track as you plan for you and your family’s future.
For expert advice from a men’s divorce lawyer in San Diego, call The Men’s Legal Center.
It’s crucial that you have the skilled experience of a men’s divorce lawyer to help make sure things are done the right way during your divorce to protect yourself and your interests over the long haul.
If you’re a man facing divorce, get in touch with us here at The Men’s Legal Center. We’re committed to making sure you have the resources you need as you begin this new chapter in your life.
You can reach us by phone at 619-234-338 or via email.