It doesn't matter if you're making child support payments or receiving money every month, it's critical to understand how the funds are being used. There may come a point when you have a big question to answer: Is the non-custodial parent obligated to help pay for any college-related expenses, such as tuition, and room and board?
The most important thing to remember is that most education-related expenses are addressed during the divorce process. So, if you have questions about this, it's best to review your divorce agreement.
How to plan for the future
If you're divorced, you shouldn't count on your ex-spouse to pay for your child's college expenses. While they may want to take on some of the financial burden, there's no guarantee this will happen.
Here are some of the questions you can answer as you plan for the future:
- Did you address college expenses in your divorce agreement?
- Is your ex the type of person who will want to help their child, or will they shy away from this?
- What are the financial resources of your child? Will they qualify for government aid or scholarships?
- Have you and/or your ex-spouse saved any money for your child's college expenses?
As you answer these questions, you'll come to better understand your current situation and what your child is likely to face in the future.
Typical college expenses
There are many expenses associated with college, including but not limited to:
- Room and board
- Transportation and travel
- Books and other supplies
- General living expenses
By reviewing these up front, all parties will gain a better understanding of how much money is required for the child to obtain a college education.
If your child or children are closing in on their high school graduation, there's no time like the present to turn your attention to this important matter. It's not an easy conversation to have, but you should discuss financial matters relating to this expense with your ex-spouse.
If you run into any issues, such as if your ex isn't living up to their end of the divorce agreement, learn more about your legal rights.
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