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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 01-31-2017, 01:45 PM
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Default 1/3 of bill

A child wants to go to university away from home. They are responsible for 1/3 of the cost. Do you calculate the cost after bursaries etc then the remaining cost is divided up between the two parents and the child? Example: $3000 in bursaries reduces $15000 (residence/meal plans) and tuition to $10000 then split to $3300 each? I know I've low balled the amount but basically is that the way it works? I've read a few cases on Canli and that seems to be what 1/3 refers to. Just asking for those experienced and in the know.


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Old 01-31-2017, 02:03 PM
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Default 1/3 of bill

The way my partners lawyer explained it you take the costs outlined in your agreement or the expected costs (tuition, books, living expenses) less the tuition grant and divide by three. 2/3 of the cost is split by the parents with the tax benefit subtracted proportionate to income. Loans are used for kids portion.

Theres a sticky on this where I outlined my knowledge on this topic.

Know this though: if you make more than your ex and its a significant difference all bets are off. A few posters have found the economic difference changes judges opinions on who is responsible for what and how much.
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Old 01-31-2017, 02:07 PM
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Quote:
Originally Posted by rockscan View Post
The way my partners lawyer explained it you take the costs outlined in your agreement or the expected costs (tuition, books, living expenses) less the tuition grant and divide by three. 2/3 of the cost is split by the parents with the tax benefit subtracted proportionate to income. Loans are used for kids portion.

Theres a sticky on this where I outlined my knowledge on this topic.

Know this though: if you make more than your ex and its a significant difference all bets are off. A few posters have found the economic difference changes judges opinions on who is responsible for what and how much.


Ok thank you. We're equal so I'm sure we'll be 1/3. I'm anticipating the ex will try to say her bursaries are for her portion. But I've read otherwise.


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Old 01-31-2017, 02:31 PM
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The OSAP grant comes right off tuition. If your kid is working and contribute about $3000 before loans etc, then they wouldn't have to use too much of their loan.

For instance, my partners kid qualified for about $7000 in student loans. His ex said her portion should be $2000. Their agreement said loans were to be taken off the total cost before splitting. Kids 1/3 worked out to be $5000. Therefore under the scenario she would use $3000 of her loan.

In his case though, kid is not a smart budgeter. She spends a lot of money on things that she doesn't need and aren't listed in their agreement. Which means she has used all her student loans each year of school.

If at all possible, you may want to sit down with your kid and go over costs, a budget, smart financial decisions and how they intend to contribute. The sad part about divorce is that money smarts gets lost on kids who have parents expecting their ex to pick up the slack. I know lots of kids in intact families who have to pay 1/2 to all of their school costs but divorce changes this scenario immensely.
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Old 01-31-2017, 04:08 PM
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Quote:
Originally Posted by rockscan View Post
The way my partners lawyer explained it you take the costs outlined in your agreement or the expected costs (tuition, books, living expenses) less the tuition grant and divide by three. 2/3 of the cost is split by the parents with the tax benefit subtracted proportionate to income. Loans are used for kids portion.

Theres a sticky on this where I outlined my knowledge on this topic.

Know this though: if you make more than your ex and its a significant difference all bets are off. A few posters have found the economic difference changes judges opinions on who is responsible for what and how much.


I'm still very much a newbie. Where do I find your sticky note?


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Old 01-31-2017, 04:21 PM
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Default 1/3 of bill

The search button is your friend and the rule is to see if your question is answered elsewhere in the forum before posting.

Go to the reference section and theres a thread on 1/3 1/3 1/3.
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