If you are one of the many parents of students who are in high school when you face an impending divorce, you might be very concerned about how you will pay for your kids to go to college. Many other Virginia parents have faced this dilemma as well. It can be hard enough to fund a college education when parents are married but affording this experience on a post-divorce budget can be extra difficult.
CNBC recommends that you make it a priority to have decisions about which spouse will be responsible for what portions of a college education put into your divorce settlement agreement. There are many ways that you could set this up. One spouse could provide an up-front payment of a one-time lump sum that is put away into a special account for the kids when they are ready to go to college. You could simply agree to split the costs evenly.
It is important to remember that college costs are not just tuition. Travel, food, lodging, books, computers, spending money and more should all be accounted for. You could stipulate that your student investigate scholarships, grants and loans before parental contributions are considered as well.
If you would like to learn more about how you can protect your children’s ability to get a college education by getting the payment terms included in your divorce decree, please feel free to visit the funding for higher education after a divorce page of our Virginia child support and family law website.