More videos on the subject
Select Desired Category ↓
If you have a child that is in college, or will likely be going to college, then like everything else having to do with the financial outlays for your child, college expenses will have to be addressed in the Parenting Plan.
To begin to determine your obligations, courts first look at the relative income shares of the parties as set out in the child support calculations, in addition to other property and funds. These calculations are used to determine the contribution each parent must make to the payment of college expenses (tuition and room and board).
But, just because you have an obligation to contribute to the college education of your child does not mean you have to pay to send your child to an expensive private university. The court will look at the relative wealth and incomes of each parent and determine what a reasonable tuition amount would be, with tuition at a state university as a good benchmark of affordability.
Courts could even ensure that a child has a college fund by requiring parents make proportionate contributions on a monthly basis to a college fund like MOST, the 529 program that allows for tax free contributions.