Adjusting a College Financing Plan During Divorce

Getting divorced can disrupt years of careful planning to pay for your children’s college educations. Both you and your co-parent may not have the financial resources to continue regular payments into a college fund. You may need to adjust your plan, which you can establish in your divorce agreement. Financial aid will also become more important, and your divorced status may increase the amount of aid that your child will be eligible to receive. College Payment Plan Illinois law allows you to petition to continue child support payments in order to pay for college after your child has turned 18. However, it may be more efficient to include a college financing plan as part of your divorce agreement than to try to extend your child support payments in the future. You can specify how you will divide the college expenses and other details, such as: Limits on annual payments; How many semesters the payments will continue; What…

Read more detail on Recent Family Law posts –

This entry was posted in Divorce Law and tagged , , , , , . Bookmark the permalink.

Leave a Reply