Hello All:
My son is a sophomore in high school. He will be graduating in June 2021. My understanding is that the first FAFSA he will file will be in 2020 which will look at 2019 tax returns.
My wife and I are planning to get divorced in the near future. After our divorce, my wife will be the custodial parent.
Are there critical dates I should be aware of concerning the timing of the divorce as it pertains to the filing of the FAFSA?
Thanks,
StevenVJ
Are you planning this divorce for financial aid gain?
Really…the only thing you need to remember is that the marital status used on the financial aid forms is as of the date of filing the forms.
If you are getting divorced in the “near future” that will be LONG before your son completes his first FAFSA form which is available for filing in October of his senior year of high school (2020). That is TWO years away.
This will use 2019 tax year info…but your divorced custodial parent wife will put only her income and assets…and any child or spousal support you paid to her in 2019.
One word of caution…for Schools requiring the CSS Profile, your non-custodial parent financials could very well be required.
If you don’t get divorced in 2019 and continue to file a joint tax return, you may not be able to use the DRT to get the tax info onto the FAFSA forms. It’s not a big deal but just a little easier.
Why does it sound like this divorce is being done to help with financial aid?
Have you already moved out? If not, why not?
Remember even when you get divorced, your soon to be ex wife will have to include any child/spousal support she receives on the FAFSA. As others stated most FAFSA only schools do not meet 100% demonstrated need. the most generous schools will ask for income and assets of both parents