Q: What should an agreement about kid's college support between divorced parents contain?
My ex-wife and I (we are divorced) are planning to get to an agreement on opening college funds for our kids and contribute monthly to the college funds. We did not include anything of that sort on our divorce decree and parenting plan, so now we have to come up with an agreement now. Basically, we both want our kids (9 and 7 yo) to go to college and we want to make sure the other person is also contributing to that. We want to come up with an agreement that will avoid us headaches in the future. What things should be included in the agreement?
A: You should detail the amount and time of each party's contribution and remedies for breach. Is there a way to cancel the agreement? What if the children do not go to college? How will funds be held/invested? What if there is a disagreement about managing the funds? Who is the owner of the money? How to deal with taxes on earnings? Do you want this to be filed in your divorce and made a Court Order? etc., etc.
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