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How to plan for your child’s education in a divorce agreement

On Behalf of | Jun 14, 2021 | Blog |

When a married couple with children gets divorced in Florida, there can be many disagreements that need resolving. One of these situations involves the future of a child’s education. Here’s some information about how divorcing parents can plan out their children’s educational future.

Debating between public or private education

One of the first things divorcing parents should determine is where their children will attend school. During this time, parents need to agree on whether a child will receive a public or private education. If your child will attend a private school, it’s important to create a payment plan that’s easy for both parents to take care of.

Creating a college fund for your child

It’s also important to decide whether you will pay for your child to attend college after high school. Like private school, college education can get costly. During your divorce proceedings, it’s a good idea to determine who will pay for your child’s college fund and how much each parent is willing to contribute.

One way that divorced parents can reduce the costs of college is by using a 529 savings plan. This type of savings plan isn’t subject to any penalties for withdrawals. Keep in mind that Florida doesn’t allow 529 savings plan contributions to be tax-deductible.

Learning if your child qualifies for financial aid

If you and your ex-spouse are trying to minimize out-of-pocket expenses, your child can qualify for certain types of financial aid. One of the most common ways to receive help with college costs is by completing the FAFSA form. the Free Application for Federal Student Aid enables many college applicants to receive financial aid.

Divorced parents must get on the same page regarding the type of education their children will receive. If you’re unable to agree with your former spouse about how to proceed with your child’s education, consider reaching out to a divorce attorney for help with negotiations.

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