Divorce is a challenging scenario for both parties. That is until you factor in your children’s future during proceedings which further complicates matters. You can work with your ex-partner to financially plan for your children’s future if you are on good terms with them. If not, you may have to settle such matters in court.
A judge will usually order each parent to pay a portion of the costs based on respective income and resources. However, the parental contribution is usually limited to the current cost of in-state tuition, room, and board for universities. Financing your children’s education is a major expense that only gets more expensive annually. It is therefore crucial that you plan your children’s education during divorce proceedings.
We suggest putting aside a fund for higher education in advance and do not touch these funds under any circumstances. Additionally, a clause can be added to the divorce decree that specifies that these savings are only for university.
Although divorce is a complicated and stressful process, your child still comes first. Speaking to legal counsel can reduce the stress that comes with financial planning for your children’s future.
All of us here at Raza Family Law Solutions understand this is a challenging time for our clients. With over 20 years in family law, the attorneys at Raza Family Law Solutions will provide the legal guidance you need. For questions, or to schedule a confidential consultation, call 314-314-5505.