The dissolution of a marriage can easily throw a wrench in a person’s retirement and savings plans. However, these are not the only long-term plans affected by divorce. It is critical that divorcing parents also work out how they plan to cover their children’s college expenses in Pennsylvania.
The most ideal way in which to address college costs is for two divorcing spouses to reach their own agreement concerning the matter. In the agreement, it would behoove the couple to include clear language regarding their intentions. For instance, perhaps they both plan to contribute equally to a child’s 529 plan.
In addition to spelling out where their children’s college funds will come from, divorcing parents can explain for what their college savings will pay. Acceptable expenses include, for example, tuition, books, meal plans, room and board, laptops and mobile phones. If a couple cannot commit themselves to future financial contributions, they can simply include this in the agreement.
Of course, not all couples in Pennsylvania can come to an agreement regarding how to pay for their children’s college costs. In these situations, they have no choice but to take the matter to court, where a judge will ultimately decide how they will address their children’s future education. Unfortunately, the judge’s decision may not necessarily be what one or both parties would have wanted. However, an attorney can provide a divorcing spouse with the guidance needed to pursue the most personally favorable outcome possible in light of the circumstances surrounding the divorce.