College expense planning during divorce is an important consideration for couples. How will you pay for their college education? Are there extra-curricular activities such as sports camps, school science projects or foreign exchange programs? The best time to provide for your children’s future is when arriving at a divorce agreement with your spouse.
Texas law does not require parents to pay for their children’s college education. Texas child support law [Sec. 154.001 (B)] requires child support payments until the child’s 18th birthday or high school graduation, whichever occurs later. However, you should consider the standard of living your child would have had if you did not divorce. Had you not divorced, would you be saving to send your child to college, to buy them a car or to cover other expenses?
Most parents love their children and want to provide the best for them. In fact, college is typically an advantage parents want their children to have.
What to consider as part of college expense planning during divorce
It is a wise idea to evaluate your child’s academic performance. Figure out whether college is something they would want. Also, depending on performance, would financial resources be available such as scholarships or financial aid?
Consider incorporating the following college expenses into your divorce agreement:
- Tuition fees
- Room and board if living on campus
- Rent if living off campus
- Parking and transportation
- Class materials such as books or computers
- Medical and dental fees
- Overall living expenses
- Administrative or other fees
In particular, if you and your spouse are college graduates, it is reasonable to assume you would have a college plan for your children. Also, depending on your standard of living, there may be additional costs involved with your children’s high school education. In today’s world, many parents send their children to summer camps, sports camps, science camps, and even digital media camps.
Find out how we can help you plan for your child’s future. We can address it as part of your divorce settlement.
The Law Office of Lindsey J. Wilson provides legal representation for clients in cases involving family law, custody and support, divorce, property division and modifications and enforcement.