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Posted on in Divorce

DuPage County family law attorney

Seeing your child receive a college acceptance letter is a proud moment for many parents. You get to see how your parenting, your child’s education, and their hard work helped them get an opportunity to pursue higher education. This can also bring financial stress. It is no secret that college is costly, especially for divorced parents.

Can the Court Make You Pay?

The Illinois court system, like various other states, was previously allowed to require a child’s parents to contribute a certain amount of money toward their child’s college fund. There is not an exact formula for calculating each parent’s required contribution. However, the amount parents can be ordered to pay cannot exceed the amount of tuition, room, and board for that particular year at the University of Illinois at Urbana-Champaign. Determining these obligations can become even more complex in the case of multiple children, and depending on which parent the children live with, it could be difficult to determine who should pay what amount.

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Posted on in Divorce

college savings plans, Arlington Heights child support lawyerIf you are going through a divorce or anticipating one, it is no secret that the financial considerations can be the most difficult to make, after emotional fallout and childcare arrangements. There are several different financial aspects that a couple must take into consideration when considering divorce, and they are not always things that are in the immediate forefront of your attention. The idea of selling a family home and splitting assets such as retirement funds and 401k plans may be obvious, but there are other financial concerns that must be addressed as well, even if they will not immediately affect either spouse. One of these is what to do about a child’s college education plan.

Save Up for Your Child&s College Fund

If you began saving for your child’s college education as early as birth, this could be even more difficult to begin to sort out. It is not only the money that you had already put away that is in question either, but also who will bear the brunt of the financial burden in the future even that your child goes to school, whether you had put away savings for it or not. Who will save for a child’s college education can and should be considered at the onset of divorce. It is not impossible, just as it is not impossible to co-parent, to co-share money toward a common goal.

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