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Child support payments stop when children reach the age of emancipation. In most states, that pertains to an age of 18 to 21 years. Accordingly, unless ordered by the courts, there is typically no legal obligation for parents to pay college tuition. Here are factors to consider in preparing for court rulings that may require divorcing parents to support college education:
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Talk about what makes good financial sense for the whole family. Discussing finances is one of the biggest challenges for most couples going through a divorce. Among factors to consider are capability of supporting college education, sources of college funds, college expenses coverage, and whether or not putting a cap on college expenses will be necessary.
Upon discussion, decide on addressing college expenses as part of the separation agreement. Talking points include percentage division of tuition between parents, provision of a separate college savings account, dedicating a joint asset for college funding. For some parents with insecure financial capabilities, committing to contribute to college education might not be part of the agreement.
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Plan ahead with the help of a professional. As points discussed on the separation agreement could be open for future discussion and scrutiny, ensure finality of agreements by involving experts in the matter. A financial planner, a college placement advisor, a third party professional divorce mediator, or an experienced divorce and family lawyer could be resource persons.
Paying for college education might not be required by some, if not most states, but providing for resolutions of such an issue as part of the divorce agreement helps a lot in ensuring the children’s welfare, and the divorcing parents’ amicable settlement.
Atty. Maria Rivera Ortiz is experienced in issues surrounding divorce and family law. Learn more on how she can help divorcing parents with college funding issues here.
