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Family Law Attorney Vikki Ziegler on how parents’ divorce impacts children’s costs to attend college.
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While we all know the divorce is painful for kids but now a new study shows he can also hurt their chances of paying for college.
That's right.
Here to explain is Vicky Ziegler a family law attorney and an adjunct professor of port of law school picking great to see you again camp I wanna share some numbers here parents contribution to college costs what happens after the divorce.
If you're married.
Parents contribution is typically 77%.
To kids' college costs -- divorced it's only 42%.
Very big difference.
Now it's easy to see why that might be the case but is that something that people think about when they're getting divorced now I think it's probably the last issue that really parents think about -- getting divorced it's one of those things that.
That's extra savings and most people now when you have one -- becoming too.
You have more expensive it can never anticipated that all the sense in recent and we still have to.
Put money aside for college maybe we have tax is deeply of legal fees that we still have to pay for.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- nine out of ten times not happening.
Fifty a hundred I've had a million dollars and I know somebody who paid a million dollars to get to -- hike no I mean it's ridiculous and that means you can't you can't agree that it's raining or sunny outside.
And that's unfortunate because we make money but we take -- we -- -- you're saying well you know we talk about all the time is the emotional impact on the kids.
But the financial impact so much bigger and the pressure for a child to know that they may not be able to go to that dream school because their parents had to have gone divorced and really can't afford to put their money away.
Your market for college that five point nine plant it's devastating emotionally when you look for divorce it's acrimony says it -- Knowing that your future -- be jeopardized is devastating.
All right so we talk about the problem we know all about the problem how do you how do you -- that I mean.
Short answer.
Pick somebody can really stay with don't get a divorce.
But barring that how what do you do well when you know you are gonna be getting divorce really making sure that each party's gonna put -- set amount per month.
For each child for college earmarking -- not -- their mind working and they have income right if they do.
Then maybe making an incentive for -- it was -- the work mom and dad can you match what I -- and put it away from me for college.
Or think about going to a state school.
And -- getting those grants scholarship aid and loans that will help defray those costs for the parents for college at the end of the day you may have to make a tough call and say okay.
Not Harvard not Ivy League we're gonna do something -- get a New Jersey -- -- nickel the -- rule and it's really about going to a state school in the parents really afford something.
Along those lines and that's pretty much across the country.
People seek state schools are more reasonable -- private schools are right.
You've been through a lot of -- you've seen it over and over again.
Which your last bit of advice for folks out there who are in this situation who may -- F kids -- are starting college next year.
You know it really taking into consideration your -- that you really -- -- make sure if you can reduce expenses -- it may -- putting the money -- in this marketplace -- -- -- financial advisor to give you advice so -- the money grows and your children do have some money for college sad situation that you made the best -- -- -- situation we -- -- -- -- -- thank -- okay.
