Ms. Markham was featured on Student Loan Hero giving advice about how to plan for payment of college with your ex-spouse.
“Often, the parents either commit to each save $X per month or per year, per child” toward a college account, says Jessica Markham, a Maryland-based attorney specializing in family law. Alternatively, “they will commit to funding college at a certain rate,” such as agreeing to pay the cost of an in-state public college, she adds.
Divorcing parents should enter these agreements carefully, however. They want to be able to honor those commitments later without hardship. “Most parties will be wary of committing themselves far out in the future for a figure they may not be able to afford,” Markham says.
“When a couple is divorcing, they have typically taken their household income and added the extra expense of an additional household, in many cases doubling their expenses,” Markham says.
Remarriage can also add stepchildren to the dependents for whom a divorcee is helping provide. Overall, “there is less expendable income to go around,” Markham adds.
Read the full article here: https://studentloanhero.com/featured/student-loans-and-divorce-work-together/