My husband and I are going through a divorce and it looks like it won’t be finalized quickly. So… the fafsa will be filled out while we are in this in-between place. Our daughter lives with me when she’s home from school, so my financial info. will be used on the fafsa. Here’s where I’m confused… we sold our house in the fall and until our divorce is finalized, the proceeds from the sale of our house are sitting in an escrow account in one of the lawyer’s names. Neither of us can access the money and we don’t yet know how it will be divided. How does this money in the escrow account affect the fafsa? Do I put the entire balance down as an asset? Or 1/2 of it assuming I’ll get 1/2? Or none of it since it’s in an escrow account that I can’t access? Any help is appreciated! Thank you!
If the assumption that you will receive 1/2 of the funds in the escrow account is a good bet, I would go with that. The option “none of it since it’s in an escrow account that I can’t access” is a non-starter.
2 Likes
Can you wait to fill out the FAFSA? Does she get FA based on the FAFSA or do you just fill it out for merit awards or loans (i.e., does it matter?)