A divorce can send an entire household into financial chaos. However, Texas parents that have decided to split up can still provide for their children’s educational needs through proper planning. More couples need to heed this advice, however, as recent statistics show that two out of every three divorcing couples don’t have a financial plan in place in the event of divorce.
Financial planning for college has never been more important. According to a recent study, the total cost of one year at a private four-year college costs an average $46,950. For in-state tuition at a public four-year school, that figure is $20,770. For some parents, being able to afford these amounts is impossible without a plan.
The most important thing for parents to do is be realistic about their finances after the divorce. Splitting a household income in two can be difficult, and circumstances can arise that might not have been planned for. For example, while college planning might have been a top financial goal pre-divorce, it will now have to come after child and spousal support requirements are met. While difficult, it may be necessary for parents to scale back their planned budget for their child’s college education. General expenses go up when a family goes from one household to two. At the end of the day, a dollar can only be stretched so far.
The end of a marriage doesn’t have to signal the end of a child’s college aspirations. Divorcing parents that take proper steps to plan for their financial futures can still ensure their children receive the best education possible. An attorney with experience in family law may be able to assist with the financial planning process and guide divorcing parents through the process amicably.