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Will divorce jeopardize savings for your kid’s college education?

On Behalf of | May 24, 2018 | divorce |

Couples in Florida who decide to pursue a divorce will likely have many different concerns on their minds. And, the primary concerns might be different for each individual. However, for those couples who have children and who are going through the divorce process, the kids are usually the ultimate issue. But, beyond child custody and child support, which are obviously huge issues for parents to address, there are other concerns when it comes to the children as well. For instance, will the divorce have a significant impact on the college savings you have set aside for your children?

As a recent article noted, a divorce will likely impact those funds, but parents can work together to see that the savings are addressed in an appropriate manner. For instance, many people who put money aside for their children’s college education will have a separate account for those funds. In the divorce process, both parents may see the wisdom in keeping those funds separate from the assets that will be divided in the legal process.

The recent article also pointed out that parents will likely need to recognize that plans might change as the children get older and that the couple, even after the divorce is finalized, will need to be realistic about their options when it comes to college education funding. If the couple cannot work out a solution on their own when the need arises, it may require a submission to the court to modify divorce orders.

Florida residents will have quite a few issues on their plate when it comes to the divorce process, but parents who are focused on their children’s well-being can usually work out arrangements that are beneficial for the children. But, when litigation and tough advocacy is needed when parents can’t agree, parents may need to get more information about their legal options.