In California, as in most states, parents do not have a legal obligation to pay for their children to go to college. As with property division and spousal support, divorcing spouses have a significant degree of flexibility when it comes to addressing the issue of their children’s college expenses.
What college expenses are tax deductible for divorced parents?
Student loan interest deduction: This deduction can be up to $2,500 for qualified student loan interest expense paid by the noncustodial parent (subject to phase-out for higher-income parents). Tuition deduction: This deduction can be as much as $4,000 for higher education tuition and mandatory enrollment fees.
What happens to your kids college if you get a divorce?
Regardless of your home state’s rules, experts say that divorcing parents should work out an agreement about college for their children. Divorce and remarrying can have an impact on financial aid eligibility, and some schools will require financial information from both parents.
How does divorce affect the children of divorce?
Regardless of age, gender, and culture, children of divorced parents experience increased psychological problems. Divorce may trigger an adjustment disorder in children that resolves within a few months.
What do parents worry about during a divorce?
” Other parents find divorce is their only option. And while all parents may have many worries on their mind—from the future of their living situation to the uncertainty of the custody arrangement—they may worry most about how the children will deal with the divorce.
Who is considered the custodial parent in a divorce?
The custodial parent is whom the child lived with the most over the last year, or whichever parent provides more support. If you are separating, divorcing or divorced, it is in your best interest to know ahead of time who will be considered the custodial parent — their income will be the one used to determine financial aid eligibility.
