For may Florida couples, the bulk of divorce decisions revolve around the division of marital wealth. That is especially true for couples going through a high asset divorce. When negotiating the details of a property division agreement, be sure to consider the cost of education for shared children.
When a child turns 18, he or she is an adult in the eyes of the court. That means that there is no expectation of continued parental support, even through many young people require such support for several years after they reach adulthood. When it comes to college tuition, having each parent’s financial responsibilities outlined in the divorce agreement is important.
Sometimes, children will be accepted to several colleges, and it can be hard to predict where a child will attend college or what type of degree he or she might pursue. In these cases, the expense of a college education can be far more than either parent anticipated. Without having an agreement in writing and signed at the time of a divorce, it can be hard to compel one party to make good on a previous promise to help with tuition or expenses.
Ironing out the details of college financing during the course of a Florida high asset divorce is not only a good thing for the parents, it can also help the child plan for the future. In some cases, it may be necessary to plan for taking out student loans. Other students may need to choose their college based on the tuition costs. Having a plan in place is the best way to create transparency for all involved.
Source: investopedia.com, “How to Achieve Financial Goals During a Divorce“, Rose Swanger, Nov. 22, 2017