We all want our children to lead a successful path in life. For many of us, we agree that helping fund our children’s higher education is one way we can help create a successful future for them. So, many of us start up a college fund and begin putting away money so that one day, our eventual-adult children can pursue a college education.
One legal concern may come up: how will your children’s college expenses get covered after a California divorce? Read on to find out.
How Do College Expenses Work Post-Divorce?
In most cases, child support will not help fund a child’s future college education. That includes tuition, room and board, and other various educational expenses at the higher education level.
Even if child support does go towards a child’s college education, note that in the state of California, once a child turns 18, or 19 if they’re still attending high school, the parent(s) are no longer delegated the responsibility of financially caring for their children.
Options to Get Your Children’s College Expenses Covered
In a majority of states including California, there is no legal requirement for parents to save for their children to attend college. However, if the divorcing parents wish to help get their children’s college paid for, there are two main things they can do:
- Come to an agreement regarding funding college expenses
As a part of their California divorce settlement, the divorcing spouses can come up with a legal agreement to address how their child(ren)’s college education will be funded. This agreement should explain how the payments will be made and when, what type of college expenses need to be covered, what type of college the child(ren) will attend, and how much money will need to be saved up by what date.
- Set aside funds into an escrow or trust account
Like the latter option, creating an escrow or trust account to set aside college expenses can make sure that your ex-spouse sticks with the agreement going forward. Via a college fund, both parties can easily contribute portions of their income or certain dollar amounts to pay for their child(ren)’s college.
Schedule a Free Consultation with a Family Lawyer in Southern California
Are you wanting to come up with a legal solution with your ex-spouse regarding college funding? Torrence L. Howell, a family attorney of over 20 years, would be ecstatic to work alongside you.
To date, Mr. Torrence serves the following Southern California cities:
- Alta Loma
- Chino Hills
- Diamond Bar
- La Verne
- Rancho Cucamonga
- San Antonio Heights
- San Dimas
If you reside in one of these areas and would like to speak with him regarding addressing your child(ren)’s college expenses after a divorce, please give him a call today at (909) 920-0908.