Parents will continue to financially support their kids until the age of 18, yet this can be a complex matter for divorced parents. A child support order should outline how the noncustodial or higher earning parent will provide financial support that is paid to the other parent, but there are costs to consider that go beyond just daycare expenses and daily needs. California parents should think long-term when it comes to what it will cost to raise and support their kids.
One of the most significant costs parents will have to address is future education. College is expensive, and parents need to know how they will pay for this, even if it’s years after their divorce is final. This is an important consideration that many overlook when drafting and negotiating their support order. Tuition is just one of the many costs associated with higher education.
In addition to saving for and sharing the expenses associated with college, parents also need to account for costs for room, board, books and more. Even if the children are very young, it’s smart to have a plan now, allowing for plenty of time to save. This also means it will be less likely California parents will have to deal with disputes over this issue in the future.
Child support orders should address both immediate and long-term needs. When making these agreements, it is helpful to have the guidance and support of an experienced attorney. Thinking long-term when considering the terms of these agreements, such as for college-related expenses, can ensure that children have what they need for years to come.