We all know how expensive University education is for our children these days. Students will almost always need financial assistance, particularly if they are not living at home. Some students may not qualify for financial assistance because of the amount their parents are earning.
The Child Support Act and Child Support laws do not cover the education of your children. Child support currently ends at the age of 19, but from April 2016 will end at the age of 18. Therefore, child support payments generally do not cover University.
When to Negotiate
It is best to discuss who will pay for University fees as part of an overall settlement agreement. Therefore when talking about spousal maintenance, child custody, relationship property and any other economic disparity issues, University expenses should be on the table as well.
The following should be considered: (a) Set up a trust fund for the education of your children. (b) Agree for the advantaged of both parties to pay a certain amount per year for University education. (c) A figure that one or both parents pays for the first year of University and to review the amount after that time. (d) Talk to an expert accountant or financial adviser about the best way to structure things. They are the best person, rather than your divorce lawyer, to help you make a decision.
Do what is best for your children. Make sure the children are supported and do this as early as possible.
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