Perhaps the most visible effect that divorce has on your life is the change to your financial makeup. If you were previously sharing a bank account with your spouse and shared assets, retirement benefits and other financial obligations, it could be overwhelming to resume independent responsibility of so many aspects in such a short period of time. At Butler, Thiessen & Metzinger, Inc. & Associates, Inc., we are experienced in providing support and guidance to individuals going through a divorce in California.
If you still have children living at home, chances are you are concerned about their educational future. Even though you may not be receiving as much financial support as before, you can begin taking the steps you need to start saving and continually build a reservoir of funds that can be used for your child’s college education.
Kenoshanews.com suggests that one valuable resource you can turn to is the Free Application for Federal Student Aid or the FAFSA application. Pulling from information regarding your income, your child’s educational status and his or her educational history, it will be decided whether or not your child is eligible for government-aided relief. Another suggestion is to work with your ex, if possible, to reach an agreement about how your child’s educational future will be funded. Reaching an agreement about individual responsibilities may allow you to access some needed support from your child’s other parent. Sitting down with your child to discuss his or her goals and ambitions can also be a valuable way to incentivize and encourage each other to continue saving.
When you are proactive about continuing to save for your child’s education despite your current circumstances, you can prevent your relationship change from making a negative impact on the future of your child. For more information about child custody, visit our web page.