The price of a college education is higher than ever. A married couple’s combined income can help meet these costs. However, divorced parents, who are each living on a single income often struggle.
If you are getting a divorce and concerned about your child’s future education, consider planning for college during divorce proceedings. Here are some considerations.
Paying for college is typically not required in Minnesota
Since your child will presumably be an adult when they enter college, courts do not require parents to address these costs during divorce. This is because the court’s jurisdiction typically ends when a child reaches the age of majority, which is 18 years old and has graduated from high school.
Co-parents can have voluntary agreements
If cooperation is possible, you and your co-parent can negotiate and agree to share college expenses as part of your divorce settlement. You must agree on the terms, including the percentage each parent will contribute. You can also address the types of college costs covered, such as tuition, books and living expenses.
Using mediation is an option
Divorce mediation can offer a collaborative platform for parents to negotiate college expenses and other financial matters. A neutral divorce mediator helps facilitate discussions and negotiations between the parties in a private, less adversarial environment. Here are some roles they play:
- Guiding discussions without taking sides
- Offering information about the legal process and common resolutions
- Helping ensure that agreements are documented and filed correctly
- Keeping spouses focused on discussion topics
They can assist parties in finding common ground and resolving financial concerns or disputes amicably. Divorce mediation can help you address future college expenses without undue stress.
