Divorced in Illinois - divorce decree states both parties pay for college based on ability to pay. (college bond student is first born)
Does that mean noncustodial parent can use excuses not to pay such as:
Child support for another child
his own college loans of about $36,000( even though hs was in the Army and should've used the GI bill)
on going financial obligations to support/care for his family:
Mortgage, Utilities, Vehicle payments and maintenance, Groceries, Household maintenance and repairs, phone and internet (used for work), fuel for vehicles , other normal monthly expenses.
Loans for expenses that must be repaid
medical , dental, and other health care expenses ( is covered thru employer)
I have the same types of obligations so shouldn't he have to pay something to help out
also?
Does that mean noncustodial parent can use excuses not to pay such as:
Child support for another child
his own college loans of about $36,000( even though hs was in the Army and should've used the GI bill)
on going financial obligations to support/care for his family:
Mortgage, Utilities, Vehicle payments and maintenance, Groceries, Household maintenance and repairs, phone and internet (used for work), fuel for vehicles , other normal monthly expenses.
Loans for expenses that must be repaid
medical , dental, and other health care expenses ( is covered thru employer)
I have the same types of obligations so shouldn't he have to pay something to help out
also?
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) towards any college expenses BEFORE they look at the parents for money...then they look at the abilitiy to pay to divide up the rest. Any money out of marital assets you put into educational accounts BEFORE you get divorced is a backdoor 50/50 division for each spouse if the accounts aren't considered in a final division that may be 60/40. Obviously 50/50 is a better deal than any higher income spouse is going to get after the divorce as well. Yes..contributing to these accounts after you get divorced can be tricky, and of course there is always the issue of who gets to claim the kids for educational tax credits. In 2006 the treatment of 529 savings and prepaid tuition plans was "clarified" and they are now both considered a parents asset for federal aid purposes not the students (5.6% instead of the 20% for UMTA or UGMA assets in kids names). How states thenselves treat these plans can differ but in Illinois, 529 assets don't count as kids assets for state aid either. One loophole that hasn't been plugged yet is to set up the 529 in a grandparents name...which not only eliminates it from the marital estate entirely...but none of it is counted for federal aid purposes. The most important thing to remember for financial aid, irregardless of dependency exemptions...it's the custodial parent who files the FAFSA form for aid and it's their income that is important for most state schools (private schools are different)...and they don't include primary residences or retirement accounts in your assets...or as far as I know the non custodial parents 529 assets set up after the divorce!!!! Cheers all!