The extraordinary cost of a college education for our children has brought this issue to the forefront of divorce agreements and post divorce situations. At the time many parents get divorced, this issue of college and the period of time from age 18 to 23 are far off and not fully explored and clearly defined in the divorce agreement.
Because the divorce laws in Massachusetts have extended child support obligations beyond the age of 18 unless emancipated, many parents are faced with continued costs of child support and the additional expense of a college education. These payments even separately are significant but together will likely cause substantial financial strain to an already stressful situation.
A mediator may serve as a facilitator and neutral party in guiding the parents through this sensitive and emotional 'mine field.' When parties voluntarily meet with a mediator, the specific issues to the father, mother and child may be considered. The first step in the process would be to meet with all parties to identify the needs of the three parties. The next step would likely involve the appropriate experts to calculate the costs, to determine the eligibility for financial aid to identify any tax credits and deductions that may apply. Options would then be generated based on this information and goal.
Because of the huge amount of money involved it is at most time advantageous to work together to establish a plan that will define what each part including the child is expected to do and to take advantage of any money savings available for the parents under all the specific circumstances of the parties.
