There are many individuals affected by your divorce other than you and your spouse, including your children. If you live in Libertyville, Illinois, there are many decisions to make regarding your children’s education after a divorce. These decisions range from financial to the choice of a school or college for your child. Continue reading below to learn about factors to consider when making these decisions.
The first decision that you and your spouse have to determine after divorce is the type of school that your child will attend, whether private or public. Private schools do have tuition costs that you have to split or make a plan for. Public schooling does come with its own costs as well though, such as:
- Field trips
- School supplies
- Teacher gifts
The college your child goes to is, in many ways, a decision for him or her to make with you and your spouse. The costs of college, however, are a different discussion. Many divorce agreements even place a cap on how much one spouse has to contribute towards college costs.
The good news is that there is financial aid available to your child for his or her college costs. Make sure that you apply for federal aid through the FAFSA. You can also submit the paperwork for a 529 savings plan to invest in an account that is tax-free for your child’s education on your own after the divorce.
A choice regarding your child’s education and the costs associated with it is just one of the many decisions to make after divorce. It is imperative for you to contact a lawyer who can help draft an agreement between you and your spouse for educational choices and all others required.