In addition to the emotional aspects of divorce, there are a number of financial aspects that need to be considered. These aspects often include the division of assets, child support and even child custody concerns. The Arizona couple will want to address these concerns as a part of the divorce negotiations.
The everyday expenses involved with raising children are what generally come to mind as a part of this process. In addition to these expenses, the parents will also want to address their children’s educational future. Specifically, they will want to address what role each parent will play in the financial aspects of their college education. How much will each parent contribute, how to handle possible changes in the parent’s financial situation, what if the child decides to take time off before attending college and other important details are often better addressed as a part of the original divorce process.
The child’s actual living arrangements are also an area that the Arizona parents will want to keep in mind. Federal financial aid can be an important part of funding college expenses. This type of financial aid is based upon the income of the parent with whom the child resides the majority of the time or who pays the majority of the child’s support, rather than which parent actually has legal custody.
Financial concerns are an important consideration throughout the divorce process. Child custody decisions can play an important role in each individual’s current and future financial picture. The Arizona parent can benefit by working with experienced legal counsel in addressing the various financial concerns that may arise.