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

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  #11  
Old 09-19-2013, 03:41 PM
Murphys_Law Murphys_Law is offline
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Here's an added twist:
How do you treat an RESP set up and funded by the parents of your ex?
The RESP was not included in division of assets. I have never had access to a statement showing the amounts involved or the terms. My ex's parents were deceased after the separation, before the divorce and before post-secondary education started. Should it be treated as a gift to the child and applied before the sharing of post-secondary costs or should it be treated as belonging to my ex and part of only his side of the contribution to section (7) expenses?
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  #12  
Old 10-03-2013, 02:40 PM
ottawa_divorce_dad ottawa_divorce_dad is offline
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Quote:
Originally Posted by dad2bandm View Post
Original poster...

Are you in the midst of seperating/divorcing? Sounds like it. Your best bet would be to consult your lawyer about this. It seems logical it would be split, or if not split, part of those contributions as counting towards her share of post-secondary expenses? But again, probably consult on someone about that, who has more details.

If the RESP account is not "joint", then your ex is likely not keen on the idea of throwing money into your account, since you as the account holder would have complete control over it. (I'm thinking down the road, once you are divorced). If child does not go to school, you could collapse the account, and keep the money, as an example. (not saying you would, but that is a possibility).

Children can have multiple RESPs, so your ex could open her own for child, and her contributions could go into that. Also, existing contributions could likely be transferred to that as well.

If existing contributions in your RESP were made during your marriage, I think your ex can very easily claim (at the time the child goes to school), that part of those contributions should count as her share, or at least child's share, and you could find yourself on the hook for splitting the remainder of post-secondary costs, even though you already contributed. So best to get this worked out now, rather than later.
Yes I am in the midst of a separation.

The ex did nothing wrt RESP - wouldn't even know what the annual limit is, let alone decide on how to invest the funds. Anyway, for the last 2 months, I have repeatedly asked for a response on RESPs ... does she want to continue contributing in the same account i.e. we both put in equal sums each month and max out the contributions each year and in the end do a 50-50 split between us wrt our respective contributions towards education. No response yet.

My next option is that the ex takes half of the balance on the day of separation and does whatever so that i am then free to continue putting in my share.
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