In theory thats great but as my partners lawyer said, no matter what is in your agreement about disagreements, one person can still file in court.
The best advice to give is to stay present in your kids lives and work together on education decisions. Be a part of their work towards a post secondary degree and encourage them to be an equal part of the funding. Teach them fiscal responsibility and smart career decisions.
Otherwise you will have an ex making all the decisions, a kid who doesnt know how to save and an education in underwater basket weaving leading to thousands in debt.