Divorce can lead to major life changes, especially when it comes to your long-term plans. Your savings accounts and retirement plans will be affected by divorce. Even if you have young children who you end your marriage, you should think about the impact your divorce will have on your kids’ college plans. If you’re a Texas resident in Grapevine, Colleyville, or Southlake county, here are some important details about education expenses.
Plan for your children’s college education
In some states, couples facing divorce have to detail how they will pay for their children’s education once their children are college-age. This plan should be explained in the divorce papers. The clause doesn’t require one or both parents to pay for college, but both parties must reach an agreement about the contributions they will make for their children’s educational future.
If you live in Texas, you have the option of leaving this decision to the court. This can be helpful for parents with young children who have more than a decade before they have to start thinking about college. Either way, it is best for divorcing couples to include direct language in their divorce papers about how college expenses will be covered.
Prepare for the unexpected
Divorce agreements should include “what ifs” to help families prepare for the future. For instance, if your child decides to take a gap year or study in another country, or if your child decides not to attend college at all, the divorce papers should indicate what happens to the money saved for college.
It is also important to consider what age the state says that child support comes to an end. This age is either 18 or 21, both which are usually before a student has graduated from a four-year college.