The cost of college continues to skyrocket with no end in sight. Sending a child to college is now one of the most costly expenses that a family will undertake. Planning for and paying for college becomes even more complicated for divorcing parents. Massachusetts Probate and Family Court judges have been confronted with issues concerning the allocation of college education expenses with growing frequency, in large part due to the seemingly ever increasing cost of college and the growing acceptance of college as a necessity to future economic independence.
It can be confusing in a Massachusetts divorce to know who gets what in terms of the equitable division of the marital assets. Bank accounts and the family home need to be divided, and determining how to do that can be hard enough. When you include other types of accounts, such as 529 college savings plans, it becomes even more confusing.
With the explosive growth in the cost of financing a college education, the issue of who will pay those costs after the divorce of the parents is becoming increasingly acute.