Georgia parents may be determined to end their marriage, but they may also want to protect their children from negative repercussions as a result. A divorce can have a significan impact on family finances, but parents may want to examine how college tuition bills can be handled for their children. Dealing with tuition and fees can be challenging for any parent, especially with the costs of a university education continuing to rise. However, financial planning can help parents to plan how their children's educational expenses will be covered after a divorce.
Two-thirds of married couples do not have a plan for how they will handle finances in the case of a divorce , even though around 40 percent of marriages in the United States end in divorce. College costs have been rising consistently at around 3 percent per year, so educational planning can be a major part of any financial plan. On average, tuition, room and board and fees cost $46,950 each year at a private university, while those costs are around $20,700 at a public four-year university.
The impact can be multiplied when parents need to divide their household in two, and costs like child support for minors and spousal support are generally prioritized over higher education costs. Even when a plan is in place, a divorce can cause problems.
Families may need to consider other funding sources, including scholarships, student loans and work-study options. Of course, parents can include agreements about how to handle college costs as part of a divorce settlement agreement that they work out with their family law attorneys.
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