It's fairly common for one of the issues up for debate to be the payment of college expenses. Maryland, unlike some other states, does not independently require parents to pay for college expenses. It is not unusual for the parties to include college expenses in their separation agreement, however. They may agree, for example to pay the educational expenses in proportion to their incomes, or equally. They may also want to have some limitation on the amount to be expended (this is particularly advisable when their children are young, and college costs are uncertain.) For example, they may agree that they will pay a maximum of in-state tuition at University of Maryland, or even have a limit such as up to $10,000 per year.
In any event, planning for college expenses is key. Working with a financial advisor can help you to determine what amount you should be saving and can be useful in helping you to evaluate if your goals are feasible. There are many options today for college savings, such as EE bonds, Coverdell and 529 accounts, investment-grade insurance, etc.
Saving is important, but college is getting much more expensive every year. In addition to your savings, you may want to consider scholarships and grants. There are many different types of grants out there. For more information, check out http://www.schoolgrantsblog.com/grants-for-single-mothers/.
