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Divorce may affect eligibility for college financial aid

Trying to figure out whether a child is eligible for college financial aid can certainly be confusing. However, the process can be even more overwhelming for those who are going through divorce. Here is a look at what to expect when it comes to financial aid following divorce in Florida.

When it comes to determining whether a child of divorce is eligible for university financial aid, some colleges look at the custodial parent's financial situation only. On the other hand, some institutions look at the incomes/assets of not only the custodial parent but also the noncustodial parent. This is important in that a large amount in income and assets will cause a family's expected financial contribution to increase.

From a college's viewpoint, the custodial parent refers to the party with whom a college-bound child lived mostly during the past year. Of course, in some situations, both parents have equal custody of the child. In this situation, the custodial parent refers to the party who financially supported the child the most over the past year.

The process of dissolving a marriage can no doubt be complicated, especially for those having to deal with child custody and college planning during the divorce. However, if two parents can find common ground when it comes to custody and financial matters, such as property division and alimony, they can avoid further court intrusion. Otherwise, they will have to take these issues to trial, where a judge will decide their outcomes. In either situation, an attorney can provide a divorcing spouse with the guidance needed to pursue the most personally favorable outcome possible in Florida.

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