Finding out your child got accepted to a college can bring a lot things. Joy, excitement, that proud feeling as a parent knowing that your child’s going places are some of the usual feelings you’d get. Aside from that, one other thing that finding out that your child got into a college would be the tuition that comes with it.
What does your settlement say?
Being a divorced parent may be hard, especially if you’re still in the process of raising a child. Balancing your living expenses for things such as your child’s college education may be a problem, especially if you aren’t exactly financially well off.
When figuring out how to pay for your child’s college tuition, it would be good to look at your divorce settlement to see what it says about paying for your child’s education.
If child support isn’t a required condition for the divorce where you live, you may try to seek for a modification in your divorce settlement to make it possible for your ex-spouse to help pay for your child’s tuition.
Arrange for a settlement that will help with tuition expenses
If you are still in the process of getting divorce, it would be good to arrange for a settlement that will help split the costs for your child’s college education (as well as all the expenses that come with it) with your spouse.
Depending on where you live, it may not be required in a divorce settlement though it is still sometimes discussed in coming to a settlement. The best way is to check if there are any laws regarding it or just simply discussing it during the settlement proceedings.
Saving for it
Whether or not you’re divorced, about to get divorced, or still together, the best way to help prepare for the expenses of your child’s college education would be to save up for it.
Setting up something like a trust fund or a saving’s account for your child’s college education with your spouse/ex-spouse-to-be/ex-spouse would be the best way to help prepare for the expenses that will be incurred when the time comes that your child does end up going to college.
You may look at your local laws for this. Provisions regarding the fund can also be made just in case your child does not end up going to college.
Discussing this matter with your spouse/ex-spouse is still the best option regarding this matter. Looking up your local laws involving child support can also help in the planning and settlement process.
Making provisions and preparing for the time your child ends up going to college would be way easier this way if you get your ex-spouse to help you pay for the expenses.