Paying for College- a unique twist?
I know there are already several posts about college expenses, but I believe we are in a fairly unique situation and I'm wondering if anyone has any insights about how it would work in this case.
My DH has a very clear CO that states mother and father must each pay 50% of all college expenses including tuition, housing, and other expenses. It states that the 50% is based on the actual cost to the child after scholarships, grants, and other aid has been factored in. Based on my employment, my company pays for my children's tuition. With a little more research and talking to HR, this will apply to skids as long as we are claiming them on our taxes. Currently, the CO allows BM to claim them EVERY year (despite the fact that my DH has 50/50 legal and physical and pays CS, but whatever his CO sucks). I should also add that after just a few more years of employment my tuition benefit is guaranteed even if I retire or become injured and unable to work. So the only way this realistically goes away is if DH and I divorce. So here are my questions:
1) If BM doesn't/can't pay 50% are we required to still pay 50%? Can the courts require us/BM to take on debt to pay for skids college?
2) In your option/experience if we went back to court armed with this situation, would the courts allow us to claim SD at least the years of and prior to college?
3) IF we are able to claim SD on taxes, and my company pays for her tuition, how will the 50% be calculated? Will my company's contribution count towards DH's 50% or will that be considered "other aid" and DH and BM will split housing and other expenses 50/50?
Personally, I feel like it is ridiculous to expect parents to pay 100% of all college expenses. My parents didn't nor do I plan to for my own bios. Despite those feelings, I'm really not trying to get out of paying. College is still about 10 years down the road for us. This is more for planning/budgeting purposes. Do I need to save 20K for college or will my work contribution take care of DH's portion? Honestly, I don't see how we will have the money in 10 years even with good planning since I still have 8 years left on my own student loans. Hence part of my preemptive worry.