Parents who divorce usually work out how they plan to provide for their child during the divorce or custody negotiation. However, the specifics are not always as clear when it comes to college education. This is especially true for parents who split while the child is still quite young and his or her potential college education is still many years away.
Many couples, especially those with significant assets, choose to create prenuptial agreements that outline their individual property and detail certain guidelines and expectations about financial behavior and ownership. These agreements are tremendously useful even to couples who never divorce, allowing each spouse to protect his or her property from the other's debts.
When you think about mediation, your probably think about how you're working through property division or child custody disputes with a third party. What you may not realize is how good mediation can be in your everyday life as well. The tips and tricks you learn during your divorce mediation sessions have a direct impact on your children.
Many couples realize a divorce only has to be as messy as they make it. In some cases, one partner may need some time to get used to the idea, but even potentially complex divorces can occur responsibly and civilly.
The money in your financial accounts represents your children's education fund and your future retirement. However, when you get a divorce, you will need to divide these assets.
If you and your spouse decide to get a divorce, you may believe that it will be harder to pay for your child's college tuition. The truth is that a divorce might actually make it easier because your child may now be eligible to obtain additional financial aid.
Some couples who choose to divorce before staying married too long or having children together truly do not understand how simple they have it. While no divorce is exactly easy or simple, and every divorce costs something, divorces between middle-aged couples with older children often prove exceptionally difficult to negotiate fairly.
For many parents today, saving for a child's education begins before he or she is even born. With the high costs of an education unlikely to go away anytime soon, this is a prudent choice. But, what happens when parents face divorce after they've already established an educational 529 savings plan?
When couples choose to divorce, the prospect of fairly dividing assets and liabilities can seem overwhelming. This is especially true when a couple owns more complex assets, such as multiple real estate holdings.
Trusts are legal tools that can serve a number of functions. One function is to protect assets from creditors. An interesting case questions whether a spouse going through a divorce counts as a creditor. If so, is it legal for the managers of the trust, the trustees, to transfer funds to protect them from the future ex?