The process of going through a Colorado divorce necessarily entails making many decisions about both parties' financial futures. If there are school-aged children involved, a major consideration during the divorce may be who will be responsible for paying for college.
According to Forbes, once a person reaches the "age of emancipation," they are no longer considered a child, and his or her parents are not legally obligated to pay for a college education. However, obtaining a degree is a common goal that many parents wish their children to achieve, and most choose to provide some level of financial support toward tuition, and room and board.
Ideally, an amicable resolution could be reached between the exes that would be written into the divorce settlement. It is not always feasible to predict every expense or project tuition increases. That is why it is advisable for parents to work together to form a plan in advance. They could negotiate how much each parent would be responsible for and what the money would be used towards. This would ensure that one parent is not unfairly responsible for the entire amount and would eliminate any future conflicts.
If a divorcing couple has funds already set aside for their child's future, the Huffington Post recommends ensuring that those funds are in a secure account so that the money cannot be used for any other purpose. It is also recommended that the parent with the lowest level of income fill out all financial aid forms so that the maximum amount of benefit will be received.
Tags: Divorce
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