The exorbitant cost of higher education is causing many families to make difficult choices about their children’s future. When a couple is divorcing it is essential to carefully consider how to manage the responsibilities associated with the future cost of college or university tuition.
While you are working on your divorce agreement, consider some of the following issues:
- Division of obligation – if one parent has a significantly larger income or more assets than the other, each might shoulder a different financial obligation for tuition payment
- Application for loans and financial aid packages – Most colleges and universities require that both parents disclose their financial information when applying for aid. Parents should investigate financial aid policies and loan programs to determine what makes sense for the family
- Choosing a college – Many families are now choosing state universities and community colleges as a less expensive alternative to private institutions. Some schools offer work-study programs or direct scholarships
- Determination of child’s share – parents should consider how much of the burden should be shouldered by the child in the form of student loans
Parents should be aware that paying student loans and tuition payments can carry tax benefits for the parent who claims the child as a dependent. Discuss this with your accountant.
An experienced divorce attorney can help you reach an agreement that anticipates future educational costs. For more information call the Buffalo Law Offices of Randy S. Margulis at 716.886.9600 or contact us online.
As a Buffalo divorce lawyer for 28 years, I have devoted myself to solving the problems that affect families throughout the Buffalo metropolitan area and Western New York. As a family law attorney, I make it my goal to create a partnership of trust with my clients. People put their trust in me to handle cases that can potentially have a long-lasting impact on not only their lives, but the lives of their family as well.
Alexandra M. Rockwood is a Senior Associate Attorney with the Law Offices of Randy S. Margulis & Associates and has been with the firm since early 2020. She primarily practices in the areas of matrimonial and family law, including divorce, child custody, and child support. Alexandra is a practicing matrimonial and family law attorney as…
-
5.0/5.0Divorce is always an unpleasant event and my case was no exception, yet the guidance, professionalism and ethical strategy that Randy Margulis provided was essential in finding the best solutions for my children, my ex-wife and myself. As the proces...
-
5.0/5.0
Divorce is always an unpleasant event and my case was no exception, yet the guidance, professionalism and ethical strategy that Randy Margulis provided was essential in finding the best solutions for my children, my ex-wife and myself. As the proces...
-
5.0/5.0
Randy Margulis is knowledgable of Domestic Law, dedicated, responsive, personable, aggressive and effective. I came to him on a friend's recommendation as well as Randy's reputation, and during the initial consultation I liked his approach and track ...
-
5.0/5.0
Found Mr. Margulis to be a very organized and professional individual to work with. He is well-respected by his peers and is spoken of highly, I believe this helped with my divorce and made things go smoothly. I would highly recommend his services ...
-
5.0/5.0
Randy is very firm and effective in court while empathetic to his clients. I am a domestic violence victim, and Randy made me feel safe and protected. My financial award was more than I envisioned it to be when I started my divorce. I can't thank ...
