Many years ago, my wife’s parents set up investment accounts for our child with the general understanding that this money was to pay for a college education, though it was never put in writing.
My soon-to-be-ex feels that since the money originated from her side of the family it is only to be used to help defray her cost of paying for our child’s college. I think the money should be used for its intended purpose and then my wife and I would split any extra costs.
Do child support laws state that if the child has assets in her name that those assets should be consumed first before the remaining costs are split by the parents?
I am unable to give you legal advice on divorce. I can give general divorce help for men, though, my knowledge is based on Missouri child support laws where I am licensed to practice.
In Missouri, the courts generally require the parents to pay a portion of their children’s secondary education. However, the costs and expenses a parent is required to pay, absent any additional agreement, is based on the cost and expenses of the University of Missouri–Columbia.
Some courts require a 50-50 division of these expenses, while others may split the cost 33-33-33, requiring the child to incur some of their educational costs.
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In determining how to split the educational expenses between the parents, judges typically take into account any money that has been previously set aside by the parents to pay for children’s college.
The judge will then often require the parties to split the costs of any expenses that are above the previous allotted amount.
Therefore, the judge will often not consider the money previously set aside to belong to only one of the parties, but rather as a gift that belongs to the children.
Remember, I am unable to provide you with anything more than divorce tips for men, so please consult with an attorney in your jurisdiction.