Helping Clients Navigate A Course To A Better Future

Divorce can disrupt college payment plans

On Behalf of | Feb 13, 2019 | Divorce

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.

Bg Quote

Client Testimonials

Bg Stars

A Wonderful Experience

I had a wonderful experience with Kennedy Law Associates. Marsha Kennedy and her Associates were knowledgeable, efficient, and caring. I felt like my case was a high priority to them, and they helped me understand every step of the divorce process throughout my entire case. I would highly recommend this firm to anyone looking for assistance with a family law matter!
Jennifer Haines

Smart, Caring Staff

I am savvy financially, but had no clue about the divorce process. Through it all, Ms. Kennedy and her staff have been there for me and my kids.
Anonymous

The experience you need through a difficult time

Marsha Kennedy and her team has expertly handled each situation and guided me through the process.
Kelly

Highly Recommend!

Kennedy Family Law did a wonderful job representing me in my divorce. Always responsive and kept me informed – they really cared about me.
Bette Frederick

Highly Recommend!

I have been working with Marsha Kennedy and her team and am so impressed with how my case is being handled.
Kelly Peterson
FindLaw Network