Providing for a Child’s Education After Divorce

Many parents in Georgia prioritize saving for their children’s education. American students may encounter significant financial barriers throughout their educational journey – especially when it comes to college. A divorce might suddenly cast doubt upon your educational plans for your children, particularly if you were relying on a high-earning ex to cover these costs. The divorce process may provide an opportunity to clarify these uncertainties in Georgia.

Does Child Support Cover College Tuition? 

Child support does not automatically cover college tuition. This is because child support ends when the child either graduates high school or reaches the age of 18 (whichever comes last). This effectively makes it impossible for family courts to enforce child support past high school.

 Does Child Support Cover Private School Tuition?

 Child support may cover private school tuition, but only for relatively high-net-worth families. High-net-worth families are subject to different child support calculations, and family courts may consider factors not usually present in lower-income families. One of these potential factors is whether the child needs to attend private school. If this applies to you, you may receive funds to cover private school tuition as part of your normal child support payments. Alternatively, your ex might choose to pay these tuition costs to the school directly.

How Can I Plan for My Child’s Education After Divorce? 

Outside of normal child support processes, you can take a few steps to ensure your child’s education after divorce. Perhaps the most obvious option is to create a settlement agreement. You can plan out how to finance your child’s education as part of the overall mediation process in an uncontested divorce. As long as you and your spouse can agree on how to handle your divorce without going to trial, you can create your own customized system to cover educational costs.

For example, your ex might agree to cover a certain percentage of the child’s college tuition. They might also agree to cover a maximum per-year amount – or the total cost of a bachelor’s degree. If both spouses earn incomes, they might each agree to contribute a certain amount of money. If the child is still very young at the time of the divorce, spouses might agree to set aside a certain amount of money each month for educational needs.

They may also choose to invest these funds in a college fund, such as a Roth IRA, a 529 Plan, or some kind of retirement account. There are various possibilities, and you can work with your spouse to determine the most suitable option. Your lawyers can also assist with these negotiations, ensuring an outcome that serves everyone’s best interests – including those of your children.

Find an Experienced Divorce Lawyer in Georgia 

If you’ve been searching for an experienced child support lawyer in Atlanta, look no further than Kaye, Lembeck, Hitt & French. We know how challenging it can be to plan for the future during a divorce, especially when it comes to child-related matters. With our help, you can review your options with greater clarity. It may be easier to ensure your child’s education than you realize. Reach out today to get started with an action plan.

Sources: 

forbes.com/advisor/student-loans/best-529-plans/

forbes.com/advisor/student-loans/can-roth-ira-be-used-for-college/