One of the biggest expenses many Americans have is the skyrocketing costs of higher education. Many people these days have a concern about college contribution and what they may have to contribute for their children. When I discuss this with clients I let them know that there are factors that the court is going to look at, one of the factors being what your ability to contribute is. If you have the ability to take loans, if your child has made application for financial aid, they will be required to do that and try to contribute on their own.
There are a number of factors that the court is going to look at in making a determination as to whether you should be contributing towards college. Some of these factors include whether you attended college is going to come into play, and what the expectation was while you and your spouse were married, if you had planned on children going to college, and if there are college funds already set aside, such as a 529 plan. The court is going to look at the entire picture in trying to make a determination as to what you should contribute. They will assess when, how much, and if you’re involved in the decision making process. It can be complicated and is best to discuss them with your attorney if these issues are coming up.
If you have any questions about your obligations to make payments towards your child’s higher education, contact an experienced family law attorney today.
Ross and Calandrillo, LLC is a full-service divorce and family law firm in Mountainside, New Jersey. For strong legal representation in all of your family law matters, contact Ross and Calandrillo, LLC to schedule a consultation.