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Planning Education Expenses Is Critical for Your Child's Future Success
The responsibility for paying for higher education for a child after a divorce can vary depending on the laws and provisions in different states and individual circumstances.
August 07, 2023 at 09:55 AM
4 minute read
Board of ContributorsSummer is coming to a close—time to reset the alarm clock and organize your daily schedule around back to school. The stress of sending your child back to school is reserved not only for students but also for parents who have to manage a flood of information and expectations. For those supporting students in higher education, items like supplies, clothing, tuition, and room and board can certainly add up. For divorced parents, these expenses can be even more challenging to allocate.
The responsibility for paying for higher education for a child after a divorce can vary depending on the laws and provisions in different states and individual circumstances. In Florida, there are no laws that require parents to pay for their child's education at any age. The law does state that the obligation of a parent is to support their child until they are 18 years old or they graduate high school. In some cases, divorce settlements or court orders may include provisions for parents to contribute to their child's expenses in early education as well as when they are pursuing an undergraduate, master's and even doctoral degree. These agreements may outline how much each parent is expected to contribute directly or through a savings account such as a 529 plan, Roth IRA, or savings bond, as well as under what conditions and for how long. In amicable splits, parents might come to an informal agreement about how to share the costs of their child's higher education. Each contribution could be based on the individual parent's financial situation, willingness to contribute, relationship with their child, and educational goals.
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