This is the exciting time in your life that you have been planning. You made sure to give yourself, and especially your child (or student), every opportunity possible up until now–schooling them at a high level; attending classes regularly, so they’re prepared when it comes time for college applications; participating actively outside of school with extracurricular activities or volunteer work -all leading towards this moment!
The expenditure on a divorce can be daunting, even with only one parent needing legal representation.
The financial implications are complicated by insurance coverage that may need replacing or changing during this time – but it’s important to remember there is no correct answer when deciding how best to balance child support payments against each other while still meeting basic needs like food and shelter for yourself!
The Burden of Student Debt
Divorce can be financially devastating for young couples with children, who often face a mountain of debt after graduation. But it gets worse – sometimes there isn’t an agreement on how to pay this cost either between parents AND in some cases even years afterward during periods where they are divorcing but still living together as adults! What’s an extra challenge when you’re already juggling so many other responsibilities?
Much of my practice regarding children’s concerns is negotiating or litigating custody and child support issues – but that’s not all. I spend enough time, surprisingly, as a matrimonial attorney dealing with one client’s biggest challenge: managing amount that should be earmarked for retirement (to avoid disappointing their kids) instead for paying educational costs associated with college tuition-all in service of showing them how much we love our families no matter what happens after high school!
What would you do when your ex showed up at college with their new wife and kids? You might be considering putting money earmarked for retirement towards paying tuition. Don’t! The average parent who contributes half of their salary on top of what they save by separating from marriage is missing out on $227k in savings over five years – which could have been replaced with an additional Social Security check had they not borrowed against future earned income during those golden years following high school graduation (or even before).
The dangers of Parent Plus or Private Loans
Several issues arise regarding taking out Parent PLUS or private loans for college. Unlike other types of federal student loans, these have virtually no limits and can end up being financially dangerous if you take more than what’s available in your pocket-or worse yet–your retirement income might be used as collateral!
Loans On Student vs. Loans On Parent
The student should withdraw as much money in their name before parents resort to taking loans personally; this will lower the interest rates and typically have a more extended pay-off period.
It’s also essential not only to be smart about how much debt you put on since students are unable (although never impossible)to get rid of their loans through bankruptcy proceedings – which means these debts can stick around for life!
The most important thing to remember about sacrificing for your children is that it’s not a one-size fits all situation. You should always put yourself first when there are financial implications involved, but this doesn’t mean you don’t love them or want what’s best for their future because sometimes our own needs take precedence over those of others, regardless if they’re close family members or friends who stood by us through thick and thin (and maybe even helped pay some bills).
Your adult child may be happy that you are self-sufficient financially and not reliant on them for support later in life. Particularly as they figure out how to provide for your grandchildren’s college days or put aside funds towards the next generation’s education costs!
