For many parents, the summer months are a time for vacations, relaxation and time spent with their children. Yet, with each summer that passes, parents may be more aware of the looming costs for their children’s higher education.
Add to the mix the emotional and financial challenges of parents who have or recently have separated from their spouse, and the thought of higher education for children may seem beyond one’s reach. Thankfully, there are steps that can be taken now, including during an ongoing divorce to prepare for your children’s future. One possible option to explore would be for parents to arrange for some assets to be set aside into a 529 college savings plan or other account exclusively for the benefit of the children to fund each child’s higher education costs.
As the cost of high education continues to grow, parents (particularly those going through a separation) may need to face the reality that paying for higher education for their children should be addressed as soon as reasonably possible. For those parents going through divorce, utilizing the advice and counsel of an experienced Family Law Attorney to include provisions for your children’s higher education costs should be thoroughly considered as part of the final settlement.