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extracurricular activities, birthday party gifts, and similar items that are paid only once or twice a year. |
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Once you and your spouse have worked out a budget, you can determine the total contribution for each of you. There should, of course, be a mechanism for calculating cost-of-living increase for this payment into the future. You can base your formula on the cost-of-living increase as determined by your state's Department of Agriculture or other indices, or, if you prefer, you can base it on increases in your incomes. Because most people prefer not to reveal income each year, most people base such payment increases on outside, objective criteria. |
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Don't Miss a Beat: Taking All Your Expenses into Account |
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If your child is a toddler, it's difficult to think about what college will cost or who will pay for it years down the road. If a judge is going to try your case and you have young children, you'll probably have to return to court when the child is a junior or senior in high school to have the judge address the issue of who will pay for college. If you want to settle all the issues now, however, a provision that often works is this: You and your spouse simply agree, now, to pay half of what it would cost to send your child to the most expensive school in your state's college system. Any excess amounts (say your child gets into Harvard) will be paid by the parent or parents who can afford it. This way, both parents have a minimum obligation. |
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What about the Bar Mitzvah, the First Communion, the sweet-16 party, the first car? If you negotiate an agreement, anything goes. If your case goes to court, judges may not address those types of expenses. |
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