When your children are in the middle of your divorce in South Carolina, chances are your top priority is protecting them from the debilitating side effects that are sometimes inevitable during a divorce. With adequate planning and preparation, you can continue to provide ideal opportunities for your children to give them a promising future.
One area that may require additional strategizing and planning is the educational future of your children. Affording higher education is already a challenge, but complications from divorce may complicate matters further if preparations are not made right away.
Organizing your financial affairs
The first step of preparing for a financially independent future requires you to organize your affairs. Regardless of the length of your marriage, chances are you have shared assets and retirement accounts with your ex. Separating these assets and making preparations for independence is a proactive measure that you should not delay.
If you anticipate supporting your children through their college education, it is imperative that you begin budgeting for that expense right away. Even if you are only able to contribute a moderate amount of money as you get back on your feet, your contributions will add up over time and putting aside some savings is better than doing nothing at all.
Options for funding your child’s education
According to CNBC, a 529 plan is an excellent resource to utilize in saving for your child’s college. The money you contribute to this fund will build over time and when you withdraw money, you will not pay taxes on it as long as you use the funds to pay for your child’s education. When child support payments come through, consider using part the funds each month to contribute to your child’s future education.