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Parenting -- Special Concerns
did you structure college funding in your support agreement? if so, how?
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Anonymous
| just trying to figure this out. far down the road, but not too far, thanks. |
Anonymous
| Children aren't entitled to college (I believe parents should help if they can and we plan too) and it should be that parents option depending on the situation, relationship and other life events. It depends on the state too as some allow for college and some don't (I think 18 and done and then work directly with child). You can ask for it, but if the other party refuses its their right. Or, you can use some of the child support money and put some of your own into a college fund so it will be there when child is ready to go. |
Anonymous
| There is no requirement for a parent to fund a child's anything after age 18. Just ask my dad who refused to pay for college and my mother (they were divorced when I was young) couldn't do anything about it. |
Anonymous
| Many agreements include language along the lines of "The parties have every hope that their child/children attend college. They should exchange information annually about their respective savings for college. At the time their child/children are of the age to apply to college, the parties shall negotiate payments and financial aid based on their income, net worth and other circumstances." |
Anonymous
| "any financial aid applications" I meant to write. |
Anonymous
| It's 50-50 in my agreement. To me that means that I plan to pay as close to 50% of the cost as I can. I expect the ex to do the same, although we'll see what happens when the time comes. |
Anonymous
| It depends on the circumstances. My ex has family money, I don't, I'm not paying half! |
Anonymous
| PS Why would anyone agree to 50-50? Catastrophic illness, a Bernie Madoff situation, lots can happen. |
Anonymous
| Both of you contribute to a 529 plan while the kids are young. |
Anonymous
| But once a child turns 18, no agreement can force a parent to pay for anything so start saving now. |
Anonymous
| What about agreements about who controls the 529s, how that money should be invested and managed, etc. - does anyone have language along those lines? |
Anonymous
I'm sure divorce attorneys are very used to it and have standard language. Things to think about are who's claiming the child as a dependent on their taxes, whether that parent or the other should get the small tax benefit of having the plan in his/her name, what happens to the money in the event the child does not go to college (or god forbid dies), renegotiation on investments in the event an investment option is no longer available or just truly sucks. Honestly, I wouldn't touch the investment instrument to try to play around and outsmart the market. Regular savings is the key issue here, not maximizing returns. Because as everyone has pointed out, once the child turns 18, there is no parental obligation to pay for college. |
Anonymous
| In DC it's 21. |
Anonymous
| OP here, we are in DC and support will go to 21. Right now I earn more than my STBX (I always think starbucks when I type that) and am paying more of child care and education. But I expect that will change as ex is at the start of a new career with greater earning potential. trying to figure out how to factor in overall earning power over the next 13 years. i think we plan to do separate 529s, (and thus separate tax advantages) but not sure I can compel set amount to be deposited though (for either of us). |
Anonymous
|
"Because as everyone has pointed out, once the child turns 18, there is no parental obligation to pay for college. "
Depends on the jurisdiction. |