Q: Is gross income based on most recent tax return?
In our divorce/custody agreement from 2002 my ex-husband and I agreed to pay no more than a 60/40 percent split on our daughters college education which is to be based on our gross incomes. Does the determination of our gross incomes come from our most recent tax returns?
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- North Carolina
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A: To contractually obligate yourself to pay for college was an incredibly bad idea. To further not specify in the agreement how the obligation would be calculated / paid was an even worse idea. If your agreement is silent on the issue on how to calculate 'gross income' you'll just have to come to some agreement yourselves or pay strangers to decide that for you.
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