In the midst of your divorce in North Dakota, you might be thinking about saving up for your child’s education. Once you’ve split up, the question of who pays the bills becomes a lot trickier. Fortunately, there are ways that you can save independently for your child’s college fund.
How can divorced parents save for college?
Once you’ve finalized your divorce, you can open a 529 savings account. This type of account allows you to contribute money to your child’s college fund throughout the years. You might also negotiate an agreement during your divorce that requires your former spouse to pay for a portion of your child’s education. But regardless of your agreement, it’s important to have your own stash of funds in case something goes wrong.
While you were married, you might have set up a joint 529 account between yourself and your spouse. If their name is on the account, there’s nothing stopping them from withdrawing the money. For this reason, it’s important to keep your accounts separate after the divorce. You may also stipulate during your divorce that your former spouse cannot make withdrawals from the 529 account without your knowledge.
Why should you seek legal advice during a divorce?
A family law attorney may help you protect yourself and your children during the divorce proceedings. Your attorney might be able to safeguard your children’s assets, like their inheritance and college savings accounts. If you’re dealing with an abusive spouse, your attorney may also help you file for a restraining order.
If you’re awarded sole custody, your attorney may be able to help you negotiate for a fair amount of child support. Additionally, they might help you request a child support modification if your child’s needs or expenses suddenly change.