How To Ensure That Children Will Receive College Education After Divorce

Dealing with divorce can be nerve wracking and emotionally challenging that is why there is a need for divorce solicitors in Melbourne to provide independent and unbiased legal advice. If you are in the midst of a divorce, anticipating college tuition fees can be quite scary. Of course, you want to put the children to a good school after the marriage has been dissolved but how will it be possible if there is no financial plan?

According to a recent study made by TD Ameritrade, at least 4 in 10 marriages end up in divorce. At least two-thirds of married couples have no financial plans in case divorce or death happens. According to College Board, college costs have been going up at a rate of about 3% yearly. Through proper planning financial planning, the dreams for the children can come true.

When a household is split into two, it can impact on the plans for funding a college education. Sometimes, the plans for a college education have to take a backseat to family expenses. Some states require parents to pay for their child’s college education, others don’t. According to Madeline Marzano-Lesnevich, national president of the American Academy of Matrimonial Lawyers, courts can require parents to pay but it depends on the financial situation and background.

If there is no money, the parent cannot ask the court to make it mandatory for the child to attend Harvard University. As a consequence, parents need to re-evaluate if the children will be attending private or public colleges and if they have to pursue scholarships, grants or student loans to be able to go to college.

The most ideal way for parents to save for a college education is to invest in 529 where the money that accumulates is tax-free. If the funds are already earmarked for child education, divorced parents will not need to look for money to pay of the tuition fees.

Divorce can be a complicated and confusing process that you would be very grateful to have divorce solicitors in Melbourne working for your best interests. Emotions can overwhelm the way you think and decide but the divorce solicitor who is not emotionally involved can be the source of the best advice.