The family law attorney at Divorce Atlanta explains that divorce can affect how you save for your child's future.This article was originally distributed via 24-7 Press Release Newswire. 24-7 Press Release Newswire, WorldNow and this Site make no warranties or representations in connection therewith.
ALPHARETTA, GA, June 16, 2014 /24-7PressRelease/ -- After a divorce, there are many complicated allocations of assets, debts and responsibilities. One of the most complicated of these responsibilities is a child's college tuition. Parents are not required to pay for a child's college education in most circumstances. Sometimes, however, parents will agree to perhaps forgo child support in lieu of fully paying for a child's college education. Whatever the decision, how to cover the cost of college tuition is something that should be included in any divorce agreement as it is just as important as any matter covered in a divorce proceeding.
Many times, couples will have a savings account for the specific purpose of covering college expenses. Without any clear-cut way to deal with such a savings account and no agreement on how to apportion the funds, a judge will often split the account in half and apportion half to one spouse and half to the other.
A good way to combat this it so set up a 529 plan during your marriage because they remain intact even after a divorce. A 529 plan is a savings plan with tax advantages that is specifically designed to encourage saving for college costs in the future.
"College expenses often go overlooked in a divorce settlement, especially in divorce proceedings that are very adversarial and contentious," says Steven R. Jacob, Founder of the Law Office of Steven R. Jacob. "Even if you never plan on getting a divorce, setting up a 529 savings plan has many advantages."
For information about setting up a 529 savings account or to schedule a free consultation with an expert family law attorney, please visit www.divorce-atlanta.com
About Steven R. Jacob, Attorney at Law:
Steven R. Jacob is an Atlanta divorce lawyer with over 30 years' experience helping clients lessen the burden of difficult times. His mission is to provide professional, understanding service without sacrificing face-to-face interaction with clients. Mr. Jacob has two law offices: one in Atlanta, and the other in Alpharetta. Call or visit either with any questions about divorce in GA.
To learn more, visit www.divorce-atlanta.com
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