Michigan divorcees have plenty to worry about in the immediate future after a divorce. They must think about where they want to go, how much time they should spend with the children or if they need a new job. Once most of that has settled, even bigger concerns come towards planning for their far future. Retirement may be more down the line, but you realize it will not be long before your son goes to Michigan State.
Recent studies state that children of divorced parents are less likely to earn a bachelor’s or master’s degree in college. Given the financial and emotional fallout of the divorce, a child may not be able to afford to study at a university or may feel less obligated to do so. It is important to evaluate these statistics to help find a potential solution towards planning for your child’s educational future.
A difficult financial recovery
A group of professors from Iowa State University recently published their findings to examine the percentages of divorced children who graduated. They found that 27 percent of divorced children had a bachelor’s degree or higher while those with married parents were at 50 percent. They also discovered that married parents were generally better educated than divorcees and half the of the children of a married couple had high income jobs while only 29 percent of children of divorced parents had them.
One of the authors attributes these statistics from the financial shake-up that occurs during the separation. She emphasizes how the incomes of both parties take a hit and can sometimes be impossible to recover from. Many divorcees often have to take away from their child’s college savings to help start their lives over. On top of this, there is no guarantee that the other spouse will contribute to the child’s college fund (especially if they start a new family) and university expenses are constantly increasing.
Does age make a difference?
The professors also examined if the child’s age makes an impact on going to college during the divorce. They found that children who divorced under 18 are less likely to get a bachelor’s degree than those 18 and older. This may come as a surprise given that children under 18 have more time for their parents to financially recover, but this also means more time for the other spouse to focus on him or herself. Divorcees with children already attending college may already have prepaid plans in place that will not falter from the separation.
No matter what time you choose to separate from your loved one, it will not be easy to continue funding for your child’s education. Rather than hold off on your separation until your kid is in or ready to graduate from college, talk with a Michigan family law attorney to begin a proper college funding plan once the divorce is final. You should use any opportunity at your disposal to make the separation less stressful for you and your child.