Divorce — it is hard on Georgia families and their finances. Just because that is so does not mean that certain financial goals are totally out of reach. For example, helping children pay for college may still be possible by extending child support obligations or requiring that a certain percentage of child support funds be placed in a 529 or other college savings account.
Following divorce, family needs to come first. Covering basic necessities is a must. Anything other than that are just extras. These extras may be covered, too, if the money is there and parents can agree on the terms.
Who decides if extras should be covered? This is usually something parents have to work out, but it is possible to take such requests to court if parents cannot come to agreeable terms. If the matter goes to court, a judge will look at a number of factors before determining if child support should be increased beyond the standard sum or extended to pay for a child’s higher education.
Child support can cover a lot more than basic necessities. However, as previously stated, the money has to be there. Such requests cannot place a significant burden on the support-paying parent. Georgia residents who have questions about what may or may not be included in a child support order can turn to legal counsel for assistance. With help, it is possible to achieve a support order that is fair to both parties and provides for a child’s current and future needs.
Source: CNBC, “How to keep your divorce from sabotaging your children’s college education”, Lorie Konish, May 18, 2018