Arizona parents who are thinking about getting a divorce may be concerned about its negative financial impact, particularly regarding how they will be able to afford to pay for the higher education of their children. However, wise planning can be used to ensure that they are able to address the financial obligations for their children’s college education.
According to one certified divorce financial analyst, the best way for being prepared to handle the college expenses for children after a divorce is for parents to start preparing while they are still married. During the divorce process, planning can be substantially more difficult, as there will be less money available.
Parents should also have a realistic view of their situation. When the household income is divided in two, it can drastically affect the funding for a college education. It is often necessary to prioritize family expenses over college funding. For example, paying spousal support and child support for minor children has to be addressed before any spending on higher education.
In some states, the family courts require that the parents pay for college. In these cases, what the parents are required to pay hinges on their financial state and background. The parents are generally required to pay for the best school their children can attend if that is where they want to go.
A family law attorney may assist parents with resolving divorce legal issues, including funding for their children’s college education. The attorney might pursue settlement terms that require the soon-to-be ex-spouse of a client to be responsible for a certain percentage of college expenses. Litigation may be used to ensure that clients can retain assets, such as stocks, real estate and certain financial assets, that could be used to pay for their children’s college expenses.