Before you know it, your kids will be in college and you will be searching for ways to pay their tuition. Some Salt Lake City parents are lucky enough to have saved enough money to cover at least some of these bills. But what happens to this money if you decide to divorce? Furthermore, how do parents split the costs associated with college, such as buying books or furnishing a student dorm? These are all things that need to be discussed during the divorce process.
Before going into a divorce, it’s important that the funds you have saved for college are secure. That might mean putting them in a 529 plan so they are utilized only for college expenses. Without a secure plan, you run the risk that the money you have worked so hard to save will be used for anything but education.
For those who do not have enough funds saved to cover all college expenses, it is important to discuss how these expenses will be split between the parents. It is recommended that something regarding college is included in the support guidelines. It’s important to remember that many children need support past their 18th birthday.