When parents with kids still at home get divorced, there is a seemingly unending list of things to be concerned about regarding the children. How will you and your ex-spouse provide two good homes for their children? Will the kids be able to continue in all of their current activities? Will there be enough money to still go on summer vacations? Too often, parents fail to consider an even bigger financial concern. How will you pay for college?
Even if one spouse makes child support payments, that does not necessarily require that person to put additional funds toward the price of a college education. Forbes explains that, depending on the case, child support can be payable until kids turn 18. It can also last until the age of 21 when kids. The timeline for when kids are deemed emancipated can vary but those ages all occur during the typical college years.
During a divorce process, courts can issue directives about who will provide financing for a higher education. However, there are no guidelines as to whether this needs to be a custodial or non-custodial parent. If your divorce settlement includes an agreement about paying for college, this should be clearly itemized and stated as separate from other child support payments. Focus should extend beyond tuition to books, housing, food and other costs likely to be incurred during the time.
This information is not intended to provide legal advice but general information about how divorcing parents in New York can plan to pay college tuition for their children.
