Parents in Nebraska who get a divorce should be aware of the financial impact of a divorce, particularly with regard to paying for their children’s college education. Divorcing parents should take certain steps to make sure that they will be able to provide the financial support their college-bound children may need.
It is important to be realistic about one’s circumstances when planning. Child support intended for minor children, required alimony and any other payments that can be applied to a family’s expenses generally take priority over funding for higher education.
The state in which one resides will also have an effect on a financial plan for college as some states do not require the parents to contribute financially to a child’s college education while others do. The amount that parents are required to pay by the court tends to depend on their background and their financial standing. The court will not require a parent to pay for their child to attend an extremely expensive and high-ranking school if the parent is unable to afford to do so. Many financial agreements between divorcing parents also tend to stipulate that no more than five years of college payments have to be made.
Divorcing parents should keep in mind that the education goals, such as private colleges, they had for their children may change after the divorce. The amount of money they intended for their children’s higher education is often reduced because they are each managing their household expenses with just one income.
A divorce attorney may litigate to obtain their client’s desired settlement terms regarding divorce legal issues, such as spousal support, child support and property division. The attorney may suggest which legal avenues to pursue to ensure that a client has the financial resources needed for their financial obligations after the divorce.
