When a couple decides to divorce in Georgia there are many decisions to be made and different issues to consider. Not least among these is the current and future well-being of children involved in the divorce. However, one issue that is often overlooked, particularly if the children are very young, is providing for college education when the time comes.
There are many factors to be aware of regarding college expenses and particularly financial aid. One of these is submitting a FAFSA (Free Application for Federal Student Aid), which must be done to be considered for federal aid. Only one parent’s information is required and that is the information of the custodial parent. Be aware that in this instance, custodial refers to the parent who provided the most support and is not necessarily determined by where the child resided for most of the year. Other situations that can impact financial aid eligibility might include remarriage, and knowing the implications of that ahead of time can save running into issues later.
Another area of concern may involve 529 college savings accounts. Is there one and who owns it? The ownership of the account may impact how it is considered for financial aid eligibility. In addition, consider alternative options a child may want to take advantage of following high school such as taking a gap year or otherwise delaying, or even forgoing, going to college.
A person in Georgia who is considering a divorce and has children may have many questions on how to proceed to protect the future well-being of his or her children. A confidential conversation with a family law professional may help to resolve some of the issues and smooth the path to a successful future for any children involved. Divorce can be difficult and obtaining professional help may alleviate some of the stress.