Importance of planning for college in a divorce

| Nov 1, 2018 | Uncategorized

Going through a divorce in Tennessee entails more than figuring out alimony and child custody. Both parties have to plan for the future, and if they have children, then it is a good idea to plan for college throughout the divorce process.

You do not want your divorce to negatively affect your kids’ futures. There are several steps to take, and no matter how you feel about your soon-to-be-former spouse, you want to make sure you both prepare accordingly for the well-being of the children.

Plan for college now

Even if the children you have are currently young, you want to develop a plan right now. If you do not, then you may have to take your former spouse back to court in the future to develop a plan, which can be costly and time-consuming. You need to think about every single expense that comes with college, including:

  • Tuition
  • Meal plans
  • Room and board
  • Books
  • Laptops
  • Cell phones

Have a strategy for every possibility

You may want your kids to go to college, but anything is possible. Your child may decide to take a gap year immediately after high school, or it is possible your son or daughter will not want to attend college at all. You and your spouse should come up with a plan for what will happen to the saved expenses if the child decides not to go to a higher learning institution. 

Keep the kids in mind if you plan on remarrying

Many students rely on financial aid to attend college. After a divorce, you may meet someone new that you want to marry. Many couples who divorce end up reconciling and wanting to get back together. If your child is about to head off to college, then it is vital to consider how your marriage will impact the amount of financial aid your daughter or son can then receive for college. Look into this before tying the knot right before your child will attend college.

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