Directing Child Support Payments into a College Savings Account

[rjgrissmer]

Hello all,

I am not entirely sure if this is possible. Can a court order child support payments to be deposited into a special account exclusively set aside for college savings? I appreciate all input. The jurisdiction is Indiana.

Thank you.

[Lawrence084]

No.

I wish it could, but it can't. The CP always get 100% of it to do whatever they with it.

[rjgrissmer]

Thank you Lawrence084 for your response. I really appreciate it.

[jk]

you can make payments to the college fund in addition to the CS payments if you want though.

child support is to assist in current costs to raise the child.

[525601minutes]

As an example - my agreement has it worded like this...
(might be only California legal)

"Each of the parties shall maintain a separate investment account for and on behalf of the minor child. They agree that at the time the child turns eighteen years of age there shall be AT LEAST xxx Thousand ($xxx,000.00) in each of their accounts Should the child decide to attend a college or university the money shall be used for educational purposes. If, however, the child does not seek post high school education, the money shall not be transferred to her until she turns twenty one (21) years of age."

[Dogmatique]

As an example - my agreement has it worded like this...
(might be only California legal)

"Each of the parties shall maintain a separate investment account for and on behalf of the minor child. They agree that at the time the child turns eighteen years of age there shall be AT LEAST xxx Thousand ($xxx,000.00) in each of their accounts Should the child decide to attend a college or university the money shall be used for educational purposes. If, however, the child does not seek post high school education, the money shall not be transferred to her until she turns twenty one (21) years of age."

That's a REALLY unusual child support agreement.

What would be the penalty for not having the X amount?

Does this take into account future job loss? Catastrophic event?

[mershu]

I really don't think you should force the parents to save money for college.

But what is even worse, setting up to just give your hard earned savings to the child if they do not go to college .... what if your child turns out to be a drug addict ?

[Lawrence084]

As an example - my agreement has it worded like this...
(might be only California legal)

"Each of the parties shall maintain a separate investment account for and on behalf of the minor child. They agree that at the time the child turns eighteen years of age there shall be AT LEAST xxx Thousand ($xxx,000.00) in each of their accounts Should the child decide to attend a college or university the money shall be used for educational purposes. If, however, the child does not seek post high school education, the money shall not be transferred to her until she turns twenty one (21) years of age."

(xxx,000.000) Where is this stated in Tom Brady child support agreement? lol

[Dogmatique]

(xxx,000.000) Where is this stated in Tom Brady child support agreement? lol

Lawrence, I'm seriously considering asking 525601 to adopt me and put me through college

[525601minutes]

Okay - had to google to see who Tom Brady is . Now that I'm divorced I don't have to watch sports .
I didn't realize our agreement was unusual - but then again - I found out after the fact that MOST of what was written in our MSA was non-standard; so I guess this shouldn't surprise me.

Anyway - neither X nor I went directly to college. We were both in the USAF. I put him through school while we were married and he is putting me through school now (in the form of SS aka restitution). So when he galavanted off 5 years ago, I asked that the savings accounts be set up so our kid would be able to attend at least a year or two of school without having to worry too much about the price.

But - as noted above there is nothing spelled out if X does not give the child the money As far as turning out to be a drug addict... I guess I'd use the money to help finance her rehab. I'd hope a judge wouldn't hold me in contempt for that!