Don’t let college planning become an afterthought during the difficult time of divorce.
- Nearly half of all U.S. children will experience the breakup of their parent’s marriage and many the failure of a second marriage as well.
- Divorce is an emotionally charged life event that may cause many to leave college planning as an afterthought.
- High-net-worth families are not immune from the challenges of funding college and completing financial aid forms properly.
Certain metrics on divorce in the United States are widely known. It is common knowledge that half of all marriages fail. But a deeper examination of Census data reveals that 41 percent of first marriages end in divorce while 60 percent of second-time nuptials and 73 percent of third marriages do not last. The average age of a divorcing party during their first marriage is 30 years of age, an age where children are often in the picture.
Nearly half of all U.S. children will experience the breakup of their parent’s marriage. In addition, half of these very same children will endure the failure of a parent’s second marriage. Although recent trends demonstrate that divorce rates are improving, there are many complexities that result from these breakups; among them are the funding of college and the challenges of completing financial aid forms properly as a divorced family.
High-net-worth families are not immune from these concerns.
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