The end of your marriage brought about an end to many of the things you and your spouse used to share, but it did not end your obligations to your children and your desire to care for them. Providing for your kids may look different after a divorce, but many of their needs, such as saving for college, remain the same. A serious financial concern for many New Jersey parents facing a divorce is determining who will pay for higher education.
Parents are often at odds over where a child should go to school and how they should share the cost. College expenses can be exorbitant, and this is not a burden you may be able to manage on your own. It is critical to secure terms in your final divorce order that address college tuition directly, allowing you to care for the educational needs of your child without leaving you with an unmanageable financial obligation.
Managing the cost of school
There can be a significant difference between the cost of private higher education and a public college or university. You and the other parent may be at odds over where your child should attend college, but like any other decision that involves the kids, it often comes down to what will be best for him or her, as well as career aspirations and other factors. Tuition is only one of the many college-related expenses parents will have to address as you will also need to consider room and board, books, supplies, and extracurricular activities.
The way parents share the financial burden of paying for college depends on the individual situation. Some divorce agreements cap the amount that one parent will contribute to his or her child’s college education. You may also include terms that will specify how parents will reach an agreement on the selection of a college, as well as how the selection of a school will impact how much one or both parents will contribute.
A financial order that makes sense
There is no one-size-fits-all solution to addressing the cost of your kids’ college education in your divorce order. You will benefit from seeking terms that are fair and sustainable according to your finances and other factors. While you want to support your child’s educational aspirations, you also have the right to seek an order that does not leave you with unfair or unmanageable financial obligations.