College costs and expenses constitute one of the largest shared financial obligations parents meet for their children. When parents have worked through a collaborative divorce before a child enters college, they are in a strong position to cooperate, plan for college costs, and divide those costs between them. The parents can be financially prepared, and their children can have a positive college experience free of many of the stresses that plague the college-bound children of other separated parents.
College costs are more than just tuition. They can also include administrative fees, books and supplies, room and board, travel, spending money for routine living expenses, and other incidental costs. Depending on a child’s interests, the parents may also need to discuss whether they will contribute to:
If one parent is paying child support that will continue into that child’s college years, the parents can also plan for whether some of that support will be paid directly to the child to defray some of the child’s day-to-day expenses or will be earmarked for specific college costs.
The picture is not complete without considering any money that may come in from other sources. The child may receive scholarships, work-study income, or grants, which may reduce the expenses that would otherwise be borne by the parents.
Parents – even divorced parents – are often expected to work together in applying for financial aid for their college-age children. Maintaining a relationship through the collaborative process stands parents in better stead to cooperate down the road to maximize the available financial aid.
The discussions about a child’s college attendance during divorce proceedings will vary in the level of detail depending upon how close the child is to college age. Plans will necessarily be more concrete if a child is a high school senior than if she is in kindergarten. Whatever the timeline, anticipating the child’s educational needs in a collaborative setting provides everyone – including the child – with peace of mind about the future.
Contact one of the legal professionals in the Collaborative Family Law Association of St. Louis with any further questions about addressing college costs in the collaborative process.
