If you and your spouse are going through a divorce, college tuition costs may not be on your mind—especially if you have young children and other assets to worry about. No matter how old your children are, it is important to discuss paying for college in your divorce settlement.
In some states, it is required that divorcing couples come to an agreement regarding college costs, but it is not required in Texas. Although it is not required, it is recommended that you and your spouse do make an agreement.
Benefits of having an agreement
- You will not be stuck paying the whole cost of tuition
- You and your spouse can plan and save up
- Your child will not have to individually ask each of you for help
- You will not have to discuss it with your ex-spouse further down the road
Although neither parent is required to pay for their child’s college education, many parents do. Most parents want to provide their children with the stability of a college degree. If you want your child to go to college but don’t want to be stuck paying the full amount, you will want to make an agreement during your divorce proceedings.
Write it down
A verbal agreement may not be enough. Write down the specific dollar amount or percentage of college costs that you are willing to pay and do the same for your spouse. Even if your combined amount does not cover the full cost, it will help your child.
Make stipulations in the agreement. Discuss what you will do if your child decides not to go to college. Define the stipulations in the settlement so that you are prepared for any situation.