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Planning for college expenses after divorce

For many Maryland parents, planning for their children's college education may be a costly and burdensome process. This can be exacerbated in the case of a divorce, especially when parents are dealing with many other significant financial concerns during asset and property division. Whether a couple is well-off or struggling for funds, a divorce can be an important time to revisit financial planning decisions about higher education and other key issues that can arise for family finances.

Family finances can remain entangled at many levels even after the end of a marriage. For divorced parents, expenses for the children will often continue to be shared throughout their minor years. However, the divorce itself can make planning more complex, especially if costs like child or spousal support start to mount. In addition, the expenses of maintaining two households can significantly exceed the costs of maintaining one family home.

Despite the significant financial impacts of separation, many couples do not have a financial plan for what may occur in the case of a divorce or widowhood. A study by TD Ameritrade noted that nearly 70 percent of married couples do not have a plan for divorce or death. This can be troublesome when over 40 percent of marriages across the country end in divorce. In particular, college expenses can be one of the largest costs a family can expect to bear.

There are a number of financial matters that can rise to the surface during a divorce. However, a family law attorney can help a divorcing spouse achieve a just settlement that covers matters like higher education expenses.

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