Its no surprise that the cost of college tuition these days can put a significant dent in a parent's pocket. The average yearly tuition for a private college is approximately $50,000.00 per year. In some states, your obligation to financially support a child terminates when they reach their 18th birthday, or when they graduate from high school. However, in states like New York and Hawaii, a Judge can order a parent to contribute to their child's college expenses regardless of the fact that the child has reached the age of 18. Additionally, any provision contained in a Marital Settlement Agreement regarding contributions towards college expenses will be enforceable in a Court of Law. Therefore, if you don't want to get stuck with your child's pricey college tuition bill, its important to finely tune your Marital Settlement Agreements so that its clear what it is you are agreeing to contribute to. In addition, planning for your child's education should be something that is started at the very latest, at the birth of that child. I cannot stress enough the financial strain that a college tuition will put on your finances, so planning for it from the beginning is the smartest move that any parent can make.
If you would like to read the Forbes article that this blog is based on, see: http://www.forbes.com/finance/2007/02/13/divorce-kids-education-pf-estates-in_mb_0213money_inl.html