Negotiating the financial aspects of a divorce often takes more time than any other matter that a Louisiana couple will face as they part ways. This understandable, as the outcome of property division, spousal support and child support negotiations will shape the financial future of both parties for many years to come. One topic that is often overlooked during discussions about child support is the manner in which the parties plan to address college tuition and expenses.
Technically, most children will head off to college after their 18th birthday. That means that neither parent is responsible for covering costs associated with higher education. That said, most families intend to support their children in some manner as they pursue a college degree. However, unless plans have been outlined in the divorce settlement, parties have little means of holding each other to that agreement.
Expenses associated with a college education can be included within a couple’s divorce settlement. While technically not child support, the responsibility for these expenses can be outlined during divorce negotiations. There are a number of ways that families can approach this sue, and a solution is available for virtually every set of needs.
Having college expenses addressed at the same time as child support and other financial matters gives Louisiana families the peace of mind that comes with knowing that there is a plan in place to provide financial support during a child’s college years. That can allow both parents to plan for the future, with a full understanding of their obligations toward each child in the family. This approach also allows parents to focus on their role in helping their child achieve a college degree.
Source: thestreet.com, “Ask These 5 Questions Before Signing Off on a Client’s Divorce Settlement“, Brian O’Connell, Aug. 11, 2017