The end of a relationship can be stressful for any Minnesota couple. When that couple has children, the stress can be multiplied. With all the child custody decisions that have to be made it can be easy for couples to forget about the future. While the children may be young now, it won't be long before they are ready to head off to college. As most Minnesotans know, college is expensive and many parents do not want to saddle their children with the entire amount.
Therefore, experts suggest that planning for college be discussed when child custody arrangements are first being made. While the lines of communication are open, parents should discuss how they plan on handling college tuition payments when they become due. By negotiating in the beginning of a child custody dispute, parents can avoid having to return to court in the future and spending money on negotiating it then.
Furthermore, parents should make sure to discuss and determine which parent should fill out financial aid forms. These forms require that the parent with the most parenting time should fill them out. However, if child custody is split equally, parents need to be smart about how to fill the documents about. Consider which parent has the lower income and whether a step-parent's income also has to be taken into account.
Finally, parents should make sure that once they have a plan about how to pay for a child's college tuition that that money be secured. Make sure the money is placed into a 529 plan -- or other savings tool -- that protects the money from being used for any other reason other than college expenses.
College tuition is just one of the many things that Minnesota parents need to consider when determining child custody. However, with the right help, people can come to agreements that put them on the best possible path for the future.
Source: The Huffington Post, "4 Ways Divorced Parents Can Plan For Their Kids' College Tuition," Feb. 28, 2014
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