With divorce affecting nearly half of all married couples by 2016, old unions that share nearly adult children will need to discuss how their divorce will affect their child’s financial aid.
The co-founders of College Benefit Research Group (CBRG), Steven Sirot and David Slater, assert that “assets that are agreed to be used to pay for college should be segregated into custodial accounts for each child separately.”
Sirot and Slater further discuss the effect of divorce on financial aid through the possibility of remarriage: “If the custodial parent gets remarried, the new spouse’s financial information is then considered, which could have devastating effects on the family’s financial aid eligibility.”
It would be a good idea to begin discussing the financial future of you children as early as when child support begins. Contact an attorney with Law Office of Andrew A. Bestafka, Esq. at (732) 898-2378 to discuss legal assistance in creating child support terms or obtaining child support.