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Wakenight & Associates, P.C.

9405 Bormet Drive, Suite 7, Mokena, IL 60448

Mokena | 815-727-6144

DuPage County | 630-852-9700   Oak Park | 708-848-3159

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 Mokena divorce attorney for children’s college expensesEvery parent only wants what is best for their child. For parents, divorce can be incredibly complicated and stressful, since not only do the decisions made affect one’s own future, but they will affect children’s futures too. Divorce does not always come at the best time, and parents with teenage children may worry about the upcoming costs of their child’s higher education. Normally, child support payments only last until the child turns 18 or graduates from high school, whichever comes later. A parent may worry about covering the costs of a child’s college education, and it is important to understand how Illinois law addresses these expenses.

Parental Contributions Toward College Expenses

Illinois courts understand how expensive college can be, and they recognize the importance of a college education for children’s success. Illinois law provides guidelines for how parents may be required to contribute toward children’s college expenses, which expenses are covered, and how they will be paid. Educational expenses must be incurred before the child turns 23, or, if good cause is shown, no later than the child’s 25th birthday. Contributions to educational expenses can be awarded out of the property and income of both parents and can be made payable directly to the student or to the school. Prior to awarding money toward the child’s education, the court may require the family to fill out the Free Application for Federal Student Aid (FAFSA).

What Expenses Are Covered?

If the court decides that the parents are able to provide for some or all of the costs associated with the child’s education, the expenses will be allocated between the parents. Expenses that parents may be responsible for covering include:

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 New Lenox divorce attorney for financial issues

Getting a divorce can be one of the hardest things you will ever do in your entire life. Most people know or can imagine how emotionally stressful a divorce can be, but they may not think about how other areas of their life will be affected. For many people, a divorce can also put a great deal of stress on their financial well-being. Fortunately, there are a few things you can do to prepare your finances so they do not take as big of a hit during your divorce. Here are a few ways you can help keep a sound financial footing as you go about the process of ending your marriage:

2. Gather All of Your Financial Documentation

Before you even begin to do anything, you need to make sure you have documentation for all of your finances. This can be the most important step, because having documentation in one place can help you get a sense of your current financial picture, and it can also help you plan for success once you are divorced. You should make sure you have copies of documents such as:

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New Lenox divorce lawyer financial issues

In the Chicago area, the cost of divorce can run from about $3,500, if there are no children and no disagreements over assets, debts, and money, to over $30,000 if there are these and other types of conflicts. The more you fight, the more you go to court, the higher the cost.

At the Divorce and Family Law Offices of Wakenight & Associates, P.C., we know divorce and family law inside and out. Every single day, our attorneys work with and help clients such as yourself. In every case, we aim high, and our first and primary objective is to attempt to reach an agreement on every issue.

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