Divorce creates a long list of financial issues for all involved parties. Expenses that were once assumed to be shared must be divvied up, often leading to less money for everyone. One issue that is often a point of contention for divorcing couples in Bay St. Louis is college funding. It’s important to know what your options are, what the court may require, and how you can provide for your children during their expensive college years.
Wherever you are in your divorce process, the family law team at Holcomb Johnson is here to provide guidance and support. Let us help you come up with a plan that meets your needs and prepares you for the future. Call us at 228-432-6652 to get started.
Does State Law Require Parents to Pay?
This is a common question that comes up. While there’s no legislation requiring parents to pay for a child’s college expenses, there are many states in which the court has the power to order a divorced parent to pay college expenses. The idea is that a child from a divorced home is naturally disadvantaged when compared to a child from a home with married parents. In one case, Descher v. Descher, the court initially ordered the father of the two children to pay the children’s college expenses, in addition to $7,500 per month in child support. He appealed that decision and the court upheld the original decision and required him to pay the children’s college expenses.
This is an outlying case, as the court documents indicate that the father had an approximate monthly income of $96,000 per month. While the court can require a divorced parent to pay college expenses, it’s likely only an issue in cases where one parent is clearly capable of covering those costs without issue. In the vast majority of divorces, it’s more likely that this issue will solely be decided by the divorcing couple.
Child Support and College in Bay St. Louis
It’s also important to look at the age of majority in Mississippi. In most states, the age of majority is 18. Mississippi’s age of majority is 21, which means child support must be paid through the age of 21. If a parent pays child support and is also ordered to cover college expenses, they must plan for both of these expenses in their budget.
Negotiating a Fair College Agreement
High-net-worth divorcing couples may need to plan for the possibility that the court will order one or both to cover their children’s college expenses. If that’s a possibility, coming to an agreement during negotiations may allow both parties to retain decision-making power.
If your marital income falls more within a normal range, you’ll need to think about how you’d like to approach this issue. Perhaps you have your own student loans and you don’t want your children saddled with the same issue in adulthood, or maybe you want them to take responsibility for their own education and cover the expenses on their own.
If you want their college expenses covered, be prepared to negotiate it with your ex. When there’s a significant earning disparity, it may make sense to have one parent cover all or the majority of college expenses. In divorces with spouses earning similar incomes, you may want to request that both parties put a set amount of money into the child’s college fund on an annual or monthly basis.
Be aware that if this is a top priority for you, you may have to sacrifice to get what you want. If your spouse is opposed to paying for your child’s college expenses, you may have to compromise to reach an agreement. That may mean lower child support payments, less or no alimony, or a smaller share of the marital estate. Spend some time thinking about how much you’re willing to sacrifice and what your bottom line is.
Explore Your Family Law Options with Holcomb Johnson
As you prepare for your Bay St. Louis divorce, make sure you have a strong legal team on your side. We’ll fight for what matters to you and help you get ready for this new chapter of life. Set up a consultation now by reaching out online or calling us at 228-432-6652.