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Educational Expenses After a Divorce

| Dec 29, 2020 | Divorce

There are so many disagreements and expenses to figure out after a divorce. You have to worry about child care in Lake Elmo, Minnesota, child custody costs and even school expenses. This can lead to insurmountable arguments with your ex-partner that seem impossible to resolve, but it is important to understand your rights. Continue reading below for more information concerning school expenses specifically after your divorce to ensure your child receives the education he or she deserves.

Choosing Schooling

Before even considering school expenses, you have to determine the school that your child will attend with your ex-partner. This can include colleges, private schools or public schools. Private schools and colleges are where many of the costs of schooling come into consideration, and you have to discuss this with your ex-partner. There are public school bills too, however, including:

  • Field Trips
  • School Lunches
  • School Supplies
  • Teacher Gifts

College Costs

If your child is college age, you have to pay college costs. These are expensive and cost tens of thousands of dollars. Thankfully, some divorce agreements allow you to place a cap on how much you contribute towards these expenses. There are also 529 savings plans for divorced parents to help you with tax-free college payments. Financial aid is also readily available for your student, but the amount changes according to the 529 plan and asset protection allowance information.

Final Thoughts

There are many costs to consider after a divorce, including education costs. A divorce lawyer can help you navigate these costs so that you can make it as equal as possible between you and your ex-partner. They will also help you to understand the savings plans available such as the 529 plan and financial aid details.