RPM Law

College expenses and divorce

College is expensive. Under ideal circumstances, Arizona parents have planned, saved and invested to be prepared for this expense. In addition, the child has studied and worked hard to earn a college acceptance letter. Yet, even when these things have happened, a divorce can alter the college financial picture.

A lot of things change when a couple decides to divorce. Even though they still want to give their child every possible advantage, this desire will need to be tempered with realistic financial expectations.  In many cases, one parent may ask for all or a percentage of college expenses to be paid as a part of the divorce agreement. This is a valid request, yet the way in which it is addressed can be critical.

When finances are limited, a blanket statement regarding how college expenses will be handled can lead to more problems later on. Exactly how much and for how long will these expenses continue can be a factor. If it all possible, these are concerns that should be addressed up front.

Additionally, if money has been set aside in a 529 plan, this will need to be addressed. Typically, one parent owns this plan. As owner, this parent does have access to these funds. Exactly how such an account will be managed and monitored will also need to be addressed.

Rather than allow divorce to become an issue as far as the child's college education is concerned, many Arizona parents find it best to address these concerns up front. This way, everyone involved knows who will bear what responsibility. Experienced legal counsel can assist in making this a part of the divorce agreement.

Source: CNBC, "How to keep your divorce from sabotaging your children's college education", Lorie Konish, May 18, 2018

No Comments

Leave a comment
Comment Information

CONNECT WITH US:

Zero to 60 with RPM LAW Review Us
Schedule My Free Consultation

Each Situation Is Different. Let’s Talk About Yours.

Call us at 520-740-1802 or fill out the form below to schedule a free initial consultation.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

RPM LAW

100 N. Stone Ave - Suite 303
Tucson, AZ 85701

Phone: 520-740-1802
Fax: 520-740-0493
Tucson Law Office Map

VISA MasterCard