Do I Have To Pay For My Children’s College Expenses In A Divorce In Virginia?
Many financial responsibilities are divided in a divorce. Parties with teenage children who will be graduating high school soon may want to know what they must prepare for financially. Parties with young adult children may have been paying for their children’s college expenses during their marriage. Are children’s college expenses one of them? Michelle Hopkins offers insight on this subject.
Some people believe that they are responsible for their children’s college expenses similarly to how parents of minor children are responsible for child support. However, this is not necessarily the case.
Paying for a child’s college expenses is completely voluntary. It is not like child support, which you are required to pay until your child emancipates, unless the parties’ respective incomes are comparable.
The parties may agree to divide the college expenses of their children, but ultimately, they are not required to unless they already took out a loan for their children’s educations in their name(s), then in that event they would be responsible for that debt.
In a divorce, one party may believe that college expenses should be divided between the parties in the divorce. That party may believe that they should fight for this expense to be divided in court. However, a Judge would not order this expense to be divided. An adult child attending college could pay for their own college expenses, as they have the ability to work and take out loans for themselves as adults.
During settlement negotiations, college expenses are often one of the items listed to be discussed as part of a settlement agreement. In the event one party offers to add to the agreement that they shall be responsible for the children’s college expenses, it should be considered a major concession on their part, and a significant benefit for the other party.
As parties divide financial assets during a divorce, they may have accounts that they opened for the benefit of their minor children’s college expenses. If they opened those accounts in their sole name, they may continue to contribute to them or disperse those funds as they see fit. They may consider making the other parent or a trusted third party a beneficiary to ensure that their child has assistance accessing the funds in the event that they pass if their child is a minor. If the child is an adult, it is recommended to communicate to the adult child how to access the funds in the event of their demise.
Schedule A Consultation
If you need guidance on your children’s college expenses during the divorce process, please do not hesitate to contact our office today at 571-248-2210 or info@mhopkinslaw.com to schedule a consultation. Michelle Hopkins and her legal team are ready and waiting to help you!