When you go through a high-asset divorce, you will find that there are many aspects that you will have to care for that involve your children. Perhaps child support is a matter and working through the details of custody. But will you be responsible for taking care of your child’s college tuition, especially because you are the breadwinner in the family?
In many states, paying for a child’s college tuition is not an obligation made by the party who makes the most income. However, many parents will sit down and talk about this issue if they would like for their child to attend college in the future so that they can lay out the details on how much they will both contribute. If you want to ensure that your child receives the support they should have to rely on, then college should always be considered for those going through a divorce.
Usually, just as in the case of child support, the noncustodial parent will bear a lot of responsibility when it comes to contributing to college costs. The courts will look at a variety of factors, especially the income of both parents, to determine who should pay for college and how much. Some of the factors that are considered include the following:
- Both parent’s financial situations
- Each parent’s level of education
- Whether or not the parents agree that the child should attend college
- The debts of the noncustodial parent
- The child’s access to financial aid
Should We Have a Voluntary College Support Agreement?
You and your spouse might agree to enter into something known as a voluntary college support agreement, which spells out your responsibility and your spouse’s responsibility when it comes to paying your portion of your child’s tuition costs. Agreements will lay out many types of issues such as what type of school you agree to send your child to, covered expenses, how payments will be made, the child’s responsibility for any expenses, and where the child will reside while they are attending college.
You’ve taken your first steps into deciding what is best for your child even though you are going through a divorce. These matters don’t have to cause you stress if you turn to the help of an experienced attorney. At the Montes Law Firm, we are here for you even through the most complex aspects of your case. Call us today to find out how we can help.
