Most parents in Montana and elsewhere are nervous about what their children's university tuition bills will look like. However, this situation is even scarier for those in the middle of a divorce. However, parents who are going through a divorce can take steps to protect their children's best interests when it comes to getting a college education.
Research shows that about four in 10 marital unions end in divorce. However, 66 percent of couples who are married lack financial plans detailing what would happen in the event of divorce. This can unfortunately have a negative impact on planning for the costs of college. After all, college costs are rising at least three percent each year.
During the divorce process, it might be necessary to scale back the children's education savings, as the two divorcing parents must transition from having one household to having two. In light of this, it may behoove the parents to re-evaluate whether the children will go to public or private colleges. In addition, they may want to discuss in detail whether the children should pursue student loans, scholarships or grants.
The divorce process can understandably be overwhelming from both a financial and an emotional standpoint. However, if two parents in Montana are willing to try to resolve their issues at the negotiation table, they may be able to avoid further court intrusion. Through informal negotiations, they can decide how to address matters such as property division as well as how to handle the costs of their children's education. An attorney can provide the necessary guidance to ensure that one's goals and best interests are upheld during each state of this type of family law proceeding.
Source: cnbc.com, "How to keep your divorce from sabotaging your children's college education", Lorie Konish, May 18, 2018