When a couple in Ohio is going through the divorce process, there are a lot of matters to consider. The emotions involved in the situation could make it difficult for both parties to see things clearly. This is especially true when finances or children are involved. Things can get especially heated when the divorce negotiation touches financial issues that could negatively impact a divorcing couples’ children’s college savings fund.
After the divorce, the ex-spouses will likely face a reduction in income. This will have an impact on any plans that they have for funding a child’s college education. Even if each spouse on their own still makes the same amount, they will have to use that money to care for two households.
The everyday costs of living, including supporting minor children or paying spousal support, will take priority over saving for higher education. The courts will usually not force a parent to pay for tuition that is outside of their ability to pay. Instead, the courts could decide that the parents will need to pay for the child to go to a college that is within the parent’s financial means as long as the child agrees to go to that school.
In most cases, parents understand that they need to scale back plans for a child’s education in the same way that they had to scale back their standard of living. There is only one pot of money, and that money can only go so far.
When an individual goes through a divorce, it’s likely that they are going to have a lot of questions about their financial responsibilities. A family law attorney may be able to help by providing advice on matters like shared accounts, asset valuation and other practical issues that may arise during the divorce process.