The Graham.Nuckolls.Conner. Law Firm, PLLC - Greenville Family Lawyer
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Saving for the kids

Many North Carolina couples are saving so that their children can go to college without ending up with enormous debt. However, if a couple gets a divorce, it can lead to confusion about how to continue funding their children's education. It is often a good idea for people to determine how college savings accounts will be handled during a divorce so there isn't an issue further down the road about who is supposed to do what.

One of the ways in which many couples choose to handle college funding after a divorce is through a 529 plan. A 529 is a higher education savings account that provides tax benefits and allows people to invest according to their preferences. However, some couples may not be comfortable with one partner controlling the account, so these accounts can be split in two. The assets that are currently in the original account would be divided, and each parent can control how his or her half was handled.

Still, further choices may need to be made down the road, depending on how much tuition costs and if children are able to earn scholarships. It may be that some of the money saved for one child's education may be used for another child who went to a more expensive school. Therefore, divorced parents will still need to stay in communication about educational funding until their children have finished school.

With so many highly contested issues involved in a divorce, it may be a good idea for someone dissolving his or her marriage to speak with an attorney. An attorney could help someone draft vital documents such as visitation schedules and divide assets equitably as well.

Source: US News, "Discuss College Savings During Divorce Process", Reyna Gobel, April 29, 2013

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The Graham.Nuckolls.Conner. Law Firm, PLLC
321 Evans Street, Suite 200
Hendrix Building
Greenville, NC 27858

Toll Free: 800-682-1756
Phone: 252-493-6114
Fax: 252-757-3563
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