In the best of scenarios, divorced parents will agree to work together with their children to plan on how to save and pay for college. In the imperfect world we live in, however, this can become a highly contentious issue that must be settled in court. There are certain things you can expect when this matter reaches that point.
Typically, a judge will order each parent to each pay a portion of costs based on their respective income and resources. However, the total parental contribution is limited to the then existing cost of in-state tuition, room and board for the University of Missouri, unless the parents agree otherwise. Because this is such a major expense – and the cost of college is only expected to rise – it’s important to come up with a plan for how you will handle this matter during the divorce.
The wisest plan of action is to save for higher education in advanced to ensure that fund can only be used for college education. A clause can also be placed in the divorce decree that indicates those specific savings are exclusively for higher education.
The process of funding college adds another complicated layer for any family of divorce, so seeking legal counsel to can reduce stress, and assure the child’s education is top priority.
With a combined 30 years of experience in family law, the attorneys at Raza & Jones can help you figure out a solution that will leave you feeling financially secure. Call us at 314-449-8830 for more information or to schedule a confidential consultation.