Allocation of Higher Education Tuition Costs Between Divorced Parents

In an article published on 11/16, Rebecca Palmer discusses higher education tuition costs being split between divorced parents. The article highlights the financial and emotionally stressful reality of supporting a child through college and that it can take years of arduous planning to ensure their needs are met. Rebecca provides three actionable ways that divorcees can address tuition costs once a child with divorced parents enters college:

Marital Settlement

“When developing this agreement, it is recommended to work with an attorney and determine the language and specifications about how the future college expenses will be distributed,” writes Rebecca. “Since college tuition is not a required aspect of Florida divorce, preemptively deciding how to allocate finances relieves the burden and stress of this obstacle down the line.”

Strategies for Dividing Expenses

“Undergoing mediation with a trusted lawyer can help both parties understand the resources and expectations of college costs,” Rebecca writes. “One of the most common strategies is agreeing to a 50/50 split of expenses. When considering this option, it is crucial to assess if both parties have similar views on education, have the financial capability to split costs, and will be able to contribute to this long-term arrangement.”

Be Proactive and Seek Professional Help

“It is through mediation that complex matters can be navigated fairly, calmly, and efficiently,” writes Rebecca. “During mediation, the attorney can guide both parties through the financial options and agreements and assess which option makes the most sense for their situation. Having this discussion during the divorce puts yourself and your child in the best possible position for the future.

She states, “understanding your options and proactively planning to prevent the possibility of future financial stress regarding higher education tuition costs is imperative.”

To read the story in full, click here.