At Corri Fetman & Associates Ltd., we understand the financial complexities of divorce and are dedicated to providing clear, strategic guidance to ensure your child’s educational future is secure.
How Are College Expenses Handled in Divorce Settlements?
In Illinois, determining each spouse’s obligations regarding college expenses for their children can be a critical component of litigation, post-decree college cases and settlements. Courts often address these costs to ensure that children maintain a stable and supportive environment even after their parents’ separation. The expenses covered may include:
· Tuition and fees: Financial obligations related to the cost of attending a college or university.
· Room and board: Living arrangements, whether on-campus or off-campus housing.
· Books and supplies: Educational materials necessary for coursework.
· Transportation: Costs for commuting to and from the educational institution.
· Health insurance: Ensuring the child remains covered by adequate health insurance.
· Miscellaneous expenses: Other reasonable costs associated with college education.
Factors Considered by the Court
When determining the appropriate amount for college expenses, Illinois courts consider several factors:
· Parental income and financial resources: Both parents’ ability to contribute financially based on their income and assets.
· Student’s financial resources: Scholarships, grants, and other forms of financial aid available to the child.
· Standard of living: The standard of living the child would have enjoyed had the marriage remained intact.
· Academic performance: The child’s academic achievements and potential.
Cost of education: The actual cost of attending the chosen educational institution, typically capped at the cost of attending the University of Illinois at Urbana-Champaign
Shared Responsibilities and Potential Scenarios
The division of educational costs is usually proportional to each parent’s financial capabilities. Both parents may be required to share the cost of their child’s college expenses. There are numerous possible scenarios, including:
· Mutual agreement: Parents may reach an agreement on how to divide college expenses, which can then be formalized in the divorce settlement or post decree college judgment or court order.
· Court determination: In the absence of an agreement, the court will determine obligations based on the factors in Section 5/513 of the Illinois and Dissolution of Marriage Statute.
· Modifications: Life changes, such as loss of employment or significant changes in income, may necessitate modifications to the original agreement or court order.
Why Choose Corri Fetman & Associates Ltd.?
At Corri Fetman & Associates Ltd., we are dedicated to ensuring that your interests—and those of your child—are fully protected. Here’s why we stand out in the family law field:
· Experienced Attorney: Led by nationally recognized attorney Corri D. Fetman, our team possesses a wealth of knowledge in handling complex divorce and family law cases, including college litigation and/or negotiations.
· Strategic Approach: Corri is renowned for her strategic thinking and “out of the box” problem-solving, ensuring that you are always two steps ahead in your case.
· Personalized Service: We offer tailored legal solutions that cater to your unique needs and circumstances, providing you with clarity and confidence throughout the process.
· Client-Centered Philosophy: We prioritize transparent and straightforward counsel, clearly explaining every option and potential outcome. You can trust that we have your best interests at heart.
Take the Next Step
Securing your child’s educational future is paramount. Trust Corri Fetman & Associates Ltd. to guide you through this aspect of your divorce. Contact us today to schedule a consultation to discuss your case and explore the best course of action.
