When a couple files for divorce, they’ve probably considered its effect on their children. Most changes– emotional, physical, and financial—can be anticipated and, therefore, prepared for. Some, however, may pop-up in seemingly random places. For example, a divorce absolutely can affect your college-bound teen’s eligibility for financial aid. Whether your split works in your child’s favor or not depends on several factors, such as the school your child chooses, the type of financial aid forms the school requires, and, in some cases, home equity. READ MORE.