About Jay D. Raxenberg
Not just any divorce attorney. Learn what makes Jay D. Raxenberg Long Islands choice for Divorce Law.
As student debt is rising, it is becoming even more important for parents to consider saving early for their children’s college tuition. This type of saving requires open communication between both parents. Unfortunately, for divorced couples, this open dialogue can be much harder to come by. That is why it is important to consider college savings during the actual divorce settlement.
US News posted an article to their website called, “Discuss College Savings During Divorce Process.” The article encourages parents who are going through a divorce to include their plans for saving and paying for their children’s college tuition in the settlement agreement. The article also gives advice for different ways a divorced couple can go about saving for their children’s college tuition. Two of their suggestions include freezing or splitting 529 plan accounts. 529 plan accounts are investment accounts that are tax-advantaged when used to pay for higher education.
Other important conversations that should occur between parents is what to do with any left over money after their child completes their college education, and what to do if a college tuition is more expensive than what was planned for.
Having these conversations during the divorce process and having them included into the divorce settlement agreement can lead to much less aggravation for both the parents and the children in the future.
If you want to speak to a knowledgeable and experienced attorney on issues like these or any other family or matrimony related issues, please contact the Law Offices of Jay D. Raxenberg!