Given the rising costs of higher education, parents today often start saving for their children’s college educations early in their children’s lives. But what happens when the parents decide to divorce? Divorces are often complicated, especially with division of money. As this article discusses, special attention needs to be taken to assure that college saving is continued and that the money is preserved for that purpose. If the issue of college savings is addressed in the divorce settlement, the parties are able to rely on the legal document, which will help settle issues in the future.
A variety of options exists for how to protect these savings. This can include freezing certain accounts, or creating agreements to contribute certain amounts regularly to a specific account. An experienced attorney can help determine what option is best for your situation. Having a discussion about continuing to save for college and the means by which to do that can alleviate future stress and conflict over this issue. By addressing this issue at the time of the divorce proceedings, both parties can take proactive measures to ensure that their children’s college savings are safe and continue to grow.
The issue of college saving is just one example of how important it is to have competent representation during divorce proceedings. If the family law attorney works diligently to protect the college savings and to promote a future savings plan, the client’s children will have access to the funds necessary for their college career.