Tennessee parents who are getting a divorce should be aware of how the process can impact them financially. If they have financial plans in place to send their children to college, they should give particular consideration to how the divorce may affect those plans. It will take careful strategizing to make sure that they are able to contribute financially to their children’s college education after a divorce.
During and after a divorce, parents may be working with less money than they are used to, which can affect any existing plans for addressing college expenses. College costs, which have been increasing by almost three percent annually and include fees, tuition and room and board, averaged at $46,950 during the 2017 – 2018 school year at a private, four-year college. For a public, four-year school in the state in which a child resides, the cost was $20,770.
When making financial plans for their children’s college when faced with a divorce, parents should be realistic about their circumstances. Dividing a household into two also means that the total income for the family will be divided in half. The courts tend to require that expenses such as spousal support and child support for minors in the household take precedence over any spending for college educations.
The amount of money the court requires parents to pay toward college costs usually depends on the parents’ finances and background. One parent will not be able to petition the court to require the other parent to pay for a child to attend one of the most expensive and high-ranking colleges if the parent is unable to afford it.
divorce attorney may litigate to protect a client’s rights and interests while resolving divorce legal issues. The attorney may work ensure that a client obtains the desired settlement terms regarding child support and asset division.