Divorces and separations can be trying times for the couple. This is especially true when there are children involved. We understand just how difficult this can be on the parents as well as their kids, which is why we take such care when it comes to these proceedings. When you have a knowledgeable and compassionate divorce lawyer on your side, the best potential outcomes are possible for everyone involved.
Matters can become tricky when it comes to raising a child following a divorce. This is especially true with the case of college tuition and supporting a child in higher education. One parent shouldn't have to shoulder the entire burden on his or her own, especially given the rising cost of tuition, but the other parent is not necessarily obligated to split the cost of college. Let's look into these matters briefly right now.
When do child support payments stop?
In most cases, child support payments will stop when a child reaches the age of emancipation, which in most states is somewhere between age 18 and age 21. These happen to be the years that most children finish college or enter the workforce.
Are divorced parents supposed to pay for college tuition?
In New Jersey, parents generally have an obligation to pay for college tuition and expenses after the child has looked towards loans and grants.
With that in mind, you can safeguard your finances and your child's education by stipulating college tuition and education support in the divorce settlement. This will prove legally binding and is a smart way to guarantee financial assistance for your child's future.
Arranging for College Tuition Payments
There are three common ways that these kinds of college tuition payments can be obtained in the settlement:
- Have college funds placed in a trust for later use as part of child support/alimony
- Receiving a lump sum amount for the estimated cost of future college tuition
- Payments made proportional to income at the time
There are pros and cons related to each of these options, and they will vary based on a number of factors. It's important to have a skilled divorce attorney assist you with these matters so that all the ins and outs of the process can be properly explained and handled.
Defining the Terms of a College Support Agreement
While working on the divorce settlement and assessing the issue of college tuition support, the situation with your spouse and your child/children will need to be analyzed. Percentages and estimated payment amounts will need to be provided to the court, and these numbers can be affected by issues such as child custody and a person's financial security.
Our team will work with you and financial planners in order to ensure that your child receives the proper assistance in their future. Fairness in this negotiation process is one of the most important things that we strive for.
Schedule a Consultation with a Skilled Divorce Attorney
For more information about issues related to child support and child custody, we encourage you to contact a New Jersey divorce lawyer today. By speaking with experienced attorneys in these matters, you can receive the guidance you need in order to ensure what is best for you and your child.