en en en en de en de ceb ru lt it en en en en en en en en en hbs_lat en en en en en en ru es en en en de en de ceb ru lt it en en en en en en en en en hbs_lat en en en en en en en fr en en en en en en en en en en en en es es tr en en es en en en en en en en en pt en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en it en en en en sv en en en en en
When you begin divorce proceedings and have young children, college expenses may be way down on your list of concerns to discuss and resolve throughout the divorce process. For example, co-parenting and fair property division may be at the top of your list.
However, it can be worth taking the time to think longer term about potential college expenses even if your children are young.
The earlier you plan, the more money you can save
Start saving early for college with something such as a 529 plan, and you and your co-parent may be better equipped later to pay for college. Having this discussion also gets the both of you on the same page and can be an incentive for your co-parent to contribute his or her fair share. Make no mistake, college can be incredibly expensive, and having this talk now can save many tens of thousands of dollars down the road or even hundreds of thousands.
The two of you should also agree on what happens to the savings if your child decides not to go to college.
Time does make some aspects more difficult
At the same time, it is important to stay relatively flexible on what you and your co-parent agree on during your divorce talks. For instance, suppose you outearn your spouse by a lot and agree to pay 50 percent of college expenses over whatever the 529 plan does not cover. Your spouse pays 25 percent, while your child pays the remaining 25 percent. What if, five years later, your spouse starts outearning you, or you realize you want to change jobs and tackle a career path that pays less?
It is a good idea for the both of you to remain flexible and understanding because people change, they lose their jobs, they have more children, they move, they get stuck with medical emergencies and much more. Because of this, you may prefer not to go into too much detail concerning college expenses. A lawyer may be able to help you come up with a basic agreement.
High Asset Divorce (29)
Jewelry and divorce proceedings
How to be successful during divorce mediation
Having a better divorce
Why you should stay off social media during divorce
How to do well during your divorce
No aspect of this advertisement has been approved by the Supreme Court.
Click here for the Super Lawyers selection methodology
Click here for the Best Lawyers selection methodology
Schedule a meeting with our attorneys by contacting us online or calling our office: 856-795-9400. We serve clients throughout South Jersey.
8000 Sagemore Drive, Suite 8301
© 2022 Weinberg, Kaplan & Smith, P.A. • All Rights Reserved
Disclaimer | Site Map | Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters