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College expenses

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J

JP18

Guest
What is the name of your state? Illinois
Can pension plan moneys be attached for college expense or child support payments?
 


nextwife

Senior Member
Are they in arrears?

First, what does your support order say about college expenses? Are they ordered? Is the child now attending college? Nothing can be attached unless it is ordered, and it cannot be attached in anticipation of a future need.

What type of pension are you inquiring about? Company pension? Payor's IRA? 401K? Cash Balance Plan? Makes a difference, as a pension may not be "owned" by the payor, but, the income generated may be subject to garnishment.
 
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J

JP18

Guest
court order calls for sharing of college expenses per "state law," pension fund is mostly from profit sharing plan from corporation owned by me, but moneys have been trnsferred to an IRA.
 
J

JP18

Guest
no. She was given house, a large amount of cash and a large portion of my pension plan.I am sure she will try to get the rest of it. My question is can she? Is there a way to protect the little that I didn't already give her?
 

stealth2

Under the Radar Member
If the court order calls for you to split the college expenses, you have to come up with the money from somewhere. If you don't, you can be found in contempt of court, and I would think that it would be possible to attach any payout you get. I suspect it's also possible for a lien to be placed on the pension account.
 

nextwife

Senior Member
I suggest you start stashing that college money away now, $100 or so a month. The "hit" won't be as bad down the road if you do.
 

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