As a divorced parent, you may have a variety of questions on mind as your child graduates high school and moves onto college. If you neglect to answer the appropriate questions, it could harm your financial situation while also making things worse on your child.
Below are several questions to address in regards to college expenses and child support:
— Who is responsible for helping the child pay for college and related expenses? In a perfect world, this issue would be laid out in the divorce agreement. If it’s not, however, it will come down to factors such as where you live and who has custody.
— What factors does the court consider when deciding if college expense child support should be issued? Some of these include: the financial situation of each parent, the standard of living of the child in the event that the parents were still married, the financial situation of the child and the child’s academic performance.
— Where does financial aid come into the picture? When deciding on the amount of child support, the court will look at many details, including any financial aid available to the student.
Since there are many questions associated with college expenses and child support, you need to look into this as soon as possible. Don’t wait until your child graduates high school to take a closer look at your potential obligations.
Instead, sit down, review your situation and learn more about how the court determines who should pay for what. This information will put your mind at ease and help you pay for your child’s education.
Source: FindLaw, “College Expenses and Child Support FAQ,” accessed Dec. 20, 2016