How can one pay for the college tuition after a divorce?
For the past few years, the average prices and costs for college tuition/education have increased by about 3% every year, making them more costly. According to a recent article by CNBC, they claim that college can still become a possibility after the events of a divorce.
Have Flexible Plans
With a divorce in place, it can cause some trouble in terms of finances. There may be a need for re-evaluations, especially if the child wishes to go to college, be it a private or public college campus. Then there would need to be a greater emphasis on scholarships, grants, and even student loans/fees.
Investing in a 529 Plan
No matter what type of relationship status the parents have, it is essential that any one of the parents has a 529 plan. What a 529 plan does is funding plan in which adds more funds into an account that will save up for the college tuition of the child. It is tax-free for there are no withdrawal taxes added with the expenses.
Talk with Experts.
At the end of the day, it is best and recommended that you or your spouse speak with an experienced legal advisor or a divorce attorney who can help you guide you through the ways of saving money and staying on the right track for a better family future.
Farbod Majd Esq.
Divorce Attorney w/ offices in Beverly Hills/Los Angeles
Services in English, Turkish, and Farsi/Persian (Iranian/American Lawyer)
8383 Wilshire Blvd Suite 646, Beverly Hills, CA 90211
310.956.4600 | Fax: 310.878.8989 | Fmajd@FmajdLaw.com