More Love, Lemonade, and Updates!

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This month we are recognizing and celebrating the contributions and impacts of the LGBTQ+ community. As a law firm that has a strong history of advocating and protecting the rights of LGBTQ+ families in Nebraska, we understand that there is a lot to celebrate and still a lot of work to do to protect and preserve the rights of the LGBTQ+ community. We are proud to be an ally and are excited to celebrate Pride all month long!!

The Last Day

Today is the last day of school for yet another school year that flew by in the blink of an eye. The last day of school signifies the end of another season. My girls and I look forward to the last day of school each year. To mark the fresh start of summer fun and leisure, I wrap up a pair of sparkly flip flops for my daughters along with some new summer reads.

The last day of school is also tinged with sadness. Tear-filled eyes say goodbyes to friends and teachers for the summer. The comfort of routine is quickly lost to carefree and relaxed rules. The structured school days give way to time melted away at the pool.

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Legal Advice and Lemonade Event

At Koenig|Dunne we understand the lasting effects domestic violence has on victims. Our attorneys were eager to help those in need at the Women's Center for Advancement's Legal Advice and Lemonade event. This event had volunteer attorneys provide legal advice to domestic violence survivors.

If you or someone you know are a victim of domestic abuse you can call the 24-hour domestic violence hotline at (800)799-SAFE(7233).

Want to be sure Untie Online can help you through the divorce process? Schedule a FREE 15-minute call with an experienced divorce attorney to find out if Untie Online is the right option for your divorce.

Coach's Corner

Vacation

Vacation is a treasured luxury. The sights of the scenery, the tastes of the food, and the step back in time are awe-inspiring.

I pack lightly. Sturdy walking shoes. A wrap for chilly evenings. A simple black dress for dinner that rolls up but doesn’t wrinkle. Ready for the wonder that awaits.

Our first day we had a car. We meandered along rolling hills covered in morning light. Though midsummer, many of the fields were already turning golden. The lush blankets of color reached to the horizon where they met the sky that went from cloudy to perfect blue as we drove.

Around noon we stopped at a town not found on our map and ordered the plat du jour. As we waited for our food, I noticed my mental clock running. It seemed to be taking a long while for the daily special of ham and vegetables to arrive. I reminded myself of where I was and that we had all day. I started to relax.

Did you catch Susan's Teeny

Tiny Tip on Tuesday?

If not, don't worry you can find her great tips here!

"So often in life, things that you regard as an impediment

turn out to be great, good fortune"

~ Ruth Bader Ginsburg

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Divorce and Financial Aid for College: 5 Factors for Parents to Consider

During the divorce process, spouses are required to make many decisions, especially considering their children and the future of the family’s finances.

One of the benefits of hiring an experienced divorce attorney is to assist you in the decision-making process. An experienced lawyer can help you avoid potential unintended consequences of the decisions that you make during your divorce.

One consideration that often gets overlooked is how the divorce may impact the ability for children of divorced parents to qualify for college financial aid.

Although the college financial aid process can be complicated, a well-thought-out strategy addressed during the parents’ divorce can maximize the potential that the child will qualify for federal financial aid.

Five of the factors for parents to consider are listed below:

Which Parent is Responsible for Completing the FAFSA?

Only the custodial parent is required to complete the FAFSA (Free Application for Federal Student Aid). For FAFSA, the custodial parent is defined as the parent whom the student lived with the most during the 12 months preceding the date the FAFSA was completed.

If the Decree and Parenting Plan is not clear about which parent spent more than 50% of the time with the student, then the parent who provided the most financial support to the student for the previous 12 months must complete the FAFSA.

When possible, being strategic about which parent is chosen as the custodial parent in the Decree and Parenting Plan can give the student the best chance of qualifying for the most financial aid. For example, if your current Decree and Parenting Plan provide that the parents each spend equal time with the student and requires the parents to equally divide the expenses for the student, modifying your Decree and Parenting Plan to allow the lower-income earner to have 51% of the parenting time will ensure the lower-earning parent is deemed the custodial parent, which will maximize eligibility for financial aid.

Something to keep in mind is that colleges can ask for a copy of the Decree and Parenting Plan to verify living arrangements when reviewing FAFSA applications. Thus, modifying the actual documents through the Court is essential.

Divorce and Informal Separation are Treated the Same on the FAFSA.

Parents do not have to be formally divorced or formally legally separated to benefit from only one parent having to complete the FAFSA. An informal separation is treated the same as a divorce or legal separation on the FAFSA. The only requirement is that the parents live in separate households. Thus, if your divorce is not final, but you are informally separated from your spouse, only one parent should complete the FAFSA.

Marital Status as of the Date the FAFSA is Completed Matters.

If your FAFSA is completed and is being processed, and you subsequently separate from your spouse, you can’t go back to update your marital status on the application. If you are considering divorce or separation and the FAFSA deadline is looming, keeping this in mind may impact the timing of separation and/or submission of the FAFSA application.

Remarriage Impacts FAFSA.

Another consideration is that if the custodial parent re-marries, the step-parent’s income must be reported on the FAFSA as well. For example, if a student’s divorced parents both made modest incomes, there is a good chance the student would be a candidate to qualify for need-based aid. However, if the custodial parent remarries prior to the FAFSA application date to a stepparent with a high income, that stepparent’s income must be included on the FAFSA application and would impact that student’s ability to qualify for federal aid.

529 Plan Divorce Considerations.

A 529 Plan is an education savings plan designed to help families set aside funds for future college expenses. However, how the 529 Plan is handled in the divorce can significantly impact the student’s future financial aid eligibility.

If the 529 Plan is in the custodial parent’s name, it is treated as an asset on the FAFSA and reduces the student’s possible aid by 5.64%. For example, if the 529 Plan had $20,000 in the account, the total aid would be reduced by $1,128 (5.64%).

However, if the 529 Plan is owned by the non-custodial parent, it is not included as an asset because the non-custodial parent does not complete the FAFSA. Instead, distributions from the account will count as untaxed income to the student on the following year’s financial aid application. This could reduce aid eligibility by up to 50%.

As such, it’s more favorable for the custodial parent to own the 529 account due to the minimized impact on financial aid eligibility.

Angela Lennon

Who is Koenig|Dunne?

For over 35 years, the Koenig|Dunne team has been helping people pick up the pieces of their life to make a new start. Bringing a family business back from the brink of financial ruin. Sheltering a child from the conflict of a custody battle. We do this work because its work we know matters.

Whether an amicable collaboration or lengthy litigation lies ahead, we’re the team who will empower you on your path to a better future, from start to finish. That’s a promise. We promise you – we will see you, hear you, and stand by you. Learn More

Guidance when you want it. Strength because you need it.

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