College Funding Questions to Resolve During Your Divorce
If you are thinking about filing for divorce or are in the midst of a divorce and you have children, you may be wondering how college expense obligations will be shared between you and your spouse. According to a recent article from U.S. News & World Report, questions about paying for college often become contentious ones during a divorce. Yet it is extremely important for parents who are divorcing to contend with matters of college savings accounts, tax implications, and other college expense issues when it comes to their children.
In addition, given that the recent changes to the Illinois Marriage and Dissolution of Marriage Act (IMDMA), which took effect on January 1, 2016 and have implications for college expenses, now is as good a time as any to discuss the looming questions surrounding support for college tuition and other costs during divorce.
Big Picture Issues Concerning College Funding
When you and your spouse have been putting money into a college savings account for years, the continuation of that college fund—as well as questions about how college expenses will be determined for your child—can become hotly debated topics. Here are three major questions when it comes to divorce and college expenses:
Changes to Illinois Family Law Regarding College Expenses
In addition to big picture questions about college expenses and divorce, families in Chicago should also be aware of changes to the IMDMA that took effect in 2016. Under Section 513 of the IMDMA, both parents are required to contribute to their child’s college expenses. The revised language makes clear what counts as college expenses and the length of the support obligation.
These matters can be extremely complicated, and it is important to have a dedicated Chicago college expense family lawyer on your side. If you have questions about college expenses during and after divorce, do not hesitate to reach out to one of our experienced advocates. Contact M. Scott Gordon & Associates to learn more about how we can help.