Many children in Pennsylvania aspire to attend college following their high school graduation. While most parents would agree that a college education is a significant benefit to their child’s future, it is often difficult to keep it in mind when negotiating a high asset divorce. Because children’s college education is often an afterthought during divorce negotiations, many college students of divorced parents often finance the majority of tuition themselves.
Financial advisors who frequently assist families who have processed a divorce share information that, despite some financial strain following a divorce, a college education can be affordable. Some encourage individuals in the process of divorce to speak with experts and attorneys about including college plans as part of the divorce decree and terms. In addition to pre-planning for college expenses, families and students who research the best school for their family finances, and the best school that fits a student’s needs, may also prevent excessive college tuition loans and bills.
Individuals who did not consider including college tuition as part of their divorce decree are not without hope. Many schools participate in the FASA, which is a federal financial aid application program that helps assess the financial needs of a student and family. Most of the time, financial aid is based on the income of the parent in which the student resides with the majority of the year; if that parent earns a lower income it could result in increased financial aid.
Although it is often difficult to navigate all areas that should be addressed in a high asset divorce, it is important to consider as many possibilities as possible for the financial health of a family. Pennsylvania family law attorneys are aware of all the areas a divorce may impact an individual’s life and the lives of involved children. Advice can be offered on items to include in divorce negotiations as well as referring individuals to skilled financial advisors when necessary.