Kennedy Law Associates
COVID-19 UPDATE: Kennedy Law Associates remains open to serve the legal needs of our clients, and for consultations with potential clients, safely via teleconferences, Skype, or Facetime. Let’s all stay healthy and safe.

Divorce can disrupt college payment plans

When parents in North Carolina divorce, the decision to end their marriage can have a significant effect on their finances. One of the biggest financial expenditures that can accompany raising children is college or university tuition, especially with the rising cost of college education in the United States. According to the College Board, tuition goes up by around 3 percent every year, leading to a substantial increase over time. The numbers tell the story: it costs over $46,000 each year on average to attend a private four-year university and over $20,000 annually for a public university.

Parents who are married also often struggle to pay for tuition, and many students attend with a mixture of scholarships, grants, student loans and other financial aid in addition to parental support. However, parents often develop a plan for how they will save for their kids' higher education. Divorce can have a major financial impact on all areas of life, and this can include disrupting plans to pay for university. The law mandates that expenses like child support for kids under 18 or spousal support take priority. This is one reason why many parents may want to include a plan to pay for college as part of the divorce agreement.

Life is generally more expensive after divorce, simply because it takes more money to pay for two households than one. Parents may need to consider new options for managing college costs after divorce. In addition, older teens with a better understanding of finances can work to plan for the future more effectively.

Divorce can present a number of financial challenges, of which university tuition is only one. A family law attorney might work with a divorcing spouse to work for a fair agreement on a range of divorce legal matters, including spousal support and property division.

No Comments

Leave a comment
Comment Information
Contact Us

Tell Us Your Story

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

In Your Neighborhood

Are quality legal services available in your Charlotte neighborhood? Yes, our offices are located in Ballantyne, so you do not need to fight traffic driving uptown or deal with the inconvenience of paid parking decks. We are just minutes from the Ballantyne Corporate Park right off of I-485. An initial domestic consultation with Kennedy Law Associates is a positive step toward creating a roadmap to a better future.

14835 Ballantyne Village Way, Suite 225
Charlotte, NC 28277

Phone: 704-512-0619
Phone: 704-369-5600
Get Directions