As many parents can attest, raising kids is getting more expensive every year. The average cost to raise a child born in 2013 to adulthood will be nearly $250,000 dollars for a typical middle income family. For those with children born ten years earlier (2003), it will cost you just over $226,000. However, these figures reflect raising children to the wee age of 18. If you are considering college, these figures jump substantially.
Who Pays My Child’s College Tuition Following Divorce?
For divorced parents, making ends meet can be challenging enough when your kids are minors, but as they approach college age, you may wonder how you will afford to send one or more child off to school. Many parents wonder who is responsible for a child’s higher education expenses if the parents are divorced. They often ask if there is any support available for their children after the age of 18.
Indeed, a divorced parent may be required to contribute to college expenses until a child reaches the age of 23. A judge will consider each parent’s income, the child’s financial resources, his or her academic performance and the cost of the university. The judge will also look at the standard of living you and your family enjoyed during the marriage and, after weighing these various factors, you or your ex-spouse may be ordered to pay a percentage of your child’s higher education expenses.
Contact Our Experienced Family Law Attorney for Help
If you are divorced or are considering divorce and have questions regarding child support with regard to college expenses, contact the Libertyville, Illinois Law Offices of Ronald L Bell, PC for help. Family law matters nearly always involve financial considerations and we will take aggressive action to pursue your objectives. Call us today at 847-495-6000 for information regarding child support, child custody and visitation, divorce, marital property division and other family law issues.
Source: The Wall Street Journal, How Much Does It Cost to Raise a Child?, by Lam Thuy Vo, accessed January 10, 2016.