Divorce is not the end of parenting; it does, however, change how you parent. Parents are still responsible for providing personal, financial, and educational support for their children even after divorcing their spouses. To be a successful divorced father, you must work to ensure that your child is prepared to continue their education into college and beyond if desired.
Many divorced fathers are so consumed with the financial ramifications surrounding their divorce that they fail to plan appropriately for their children’s educational future—sorting out who will pay for what and when for education can be an overwhelming task for divorced parents.
Negotiations During Divorce
Attorneys often advise the need for educational negotiation planning during the divorce itself; detailing these potential expenses can allow a baseline to be established. This baseline can help fathers to develop a financial plan with much less opportunity for surprise and misunderstanding. For divorcing or divorced parents, understanding what your ex-spouse thinks about planning for children’s future educational needs is vital to the seamless transition to college for your child.
Uninterested Ex-spouse
An uninterested ex-spouse is not concerned with sharing a portion of the child’s college expenses. If this is the case in your situation, you must act quickly through your attorney to make sure that your ex-spouse is as culpable for their portion of these expenses as you. In this case, you would most likely apply with the court to compel contributions from your ex-spouse to cover a part of college costs and expenses.
Educational Savings Plans Post Divorce
Many parents, divorced or not, choose to open a prepaid tuition savings plan when their child is young to help pay for their future education costs. These plans allow an account holder to purchase credits or units for participating colleges and universities for future tuition and fees for the beneficiary. Prepaid tuition plans should be a topic of discussion when determining which party will be responsible for what in a divorce. Your attorney can best advise of your options and how they think you should proceed.
Managing Financial Aid
Divorce can be an expensive process, and many parents dip into savings to pay for legal obligations. Discuss with your ex-spouse and your attorney how to manage financial aid applications when the time comes for your child to apply for college. State and federal financial aid will be based on the income of the primary parent with whom the child lives. With this in mind, getting the correct information about applying for financial aid early will help you better plan your child’s college education.
The Bottom Line
The bottom line is that financial planning is critical for divorced fathers in successfully navigating family expenses post-divorce. Consult with your attorney about possible educational future expenditures to establish a solid baseline.
