Saving up for a child’s college education can be challenging, and divorce makes the process even more difficult. Here’s what divorced parents should do to make sure they have a sizeable college fund for their child when he or she turns 18.
How can divorced parents continue saving for college?
One of the most important things couples can do after divorcing is to agree to communicate with each other about their college savings. While most people might not like the idea of talking to their former spouses, individuals need to decide ahead of time how they’ll pay for tuition, books and a college dorm. They can also fill out a Free Application for Federal Student Aid (FAFSA) form when their child is in high school to see if they qualify for financial aid.
Additionally, if one person was awarded ownership of a 529 account, the other individual should consider creating his or her own account to continue saving for his or her child’s education. When the child is starting to look at colleges, both parents should talk to the child and let him or her know how much financial support he or she can expect. The child doesn’t have to know everything, but he or she should be aware of who’s going to be paying for his or her tuition and who he or she should contact if he or she needs help.
How to get help with filing for divorce
If an individual is considering getting a divorce, he or she may find it beneficial to speak with a lawyer even before the initial filing. An attorney may help a person navigate the legal process and find the quickest path to divorce. A legal professional also may help someone take ownership of his or her assets, including property, investments, retirement funds and savings accounts. If the couple has underage children, a lawyer may also help them resolve child custody and visitation disputes.