Child support is an important part of the divorce and/or custody process and something that should never be overlooked. Coming up with a child support agreement that satisfies both parents and helps support the children is vital. This can include creating an agreement that addresses how college tuition will be handled.
Since Maryland Courts are unable to Order one parent to pay for college expenses, if this is important to parents, it will have to be addressed in a child support agreement. When putting together an agreement, there are several things to consider:
Division of Expenses
A couple in the divorce and/or custody process can come to an agreement that divides the expenses relating to college attendance. Maybe both parents will contribute equally at a 50-50 rate. Maybe the parents will contribute in proportion to their respective incomes at the time the child enters college. The agreement could also state that one parent is to pay the child’s complete college tuition. Whatever the agreement, make sure it is signed and approved by the court during the process.
Limit to Expenses
The agreement can also have caps in it that limits how much each parent has to pay in college tuition. For example, you could cap the number of consecutive semesters each will pay for tuition. You could cap the types of expenses to be shared by the parents. You could also cap the annual payment each is to make towards tuition or how any loans, grants or scholarships acquired by the child will affect the amount of tuition paid by the parents.
Contact our firm in Maryland today to discuss your situation and how you can create the right child support agreement for your family.