One of the most impactful decisions you make for your child is planning for their schooling. If you share custody, arranging for higher education within your agreement can prevent conflicts later and ensure the costs are manageable.
Addressing college costs in custody agreements
Standard college costs for tuition, fees, housing, and books can now reach up to $95,000 and will only go higher in the future. Discuss now who will pay for each of these items.
Some families decide to split costs evenly, while others base contributions on each parent’s income. Agreeing on how to use college savings accounts or financial aid can also help reduce financial stress. Include specific terms in your agreement. This clarity can prevent disputes when your child is preparing to attend school.
Remember, New Jersey courts generally encourage parents to share the costs of higher education. However, judges look at several factors when deciding if parents must contribute, such as the family’s financial situation, the child’s academic performance, and the type of school they want to attend. Knowing precedents in such cases can help you craft a fair agreement.
Supporting your child’s education journey
Besides financial planning, think about how you will support your child’s college preparation. Outline details about who should help with applications, campus visits, or academic support.
Also, consider where your child will live during college breaks, especially if one parent moves out of state. These details may seem small, but they can make the transition smoother.
Addressing these details early shows a commitment to your child’s future and avoids confusion as they grow older. Thoughtful planning also prevents surprises or disagreements. By starting early and keeping education a priority, you can create a strong foundation for your child’s success.
