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TX divorce lawyerMany parents make an effort to diligently put away money in a 529 college savings account each month for their children’s higher education. However, these accounts, like any other asset, are divisible upon divorce, which means that they could be put in jeopardy, so if you have a college savings account for your child and have questions about its fate in the event of divorce, you should strongly consider contacting an experienced high asset divorce attorney who can help ensure that your child’s future is protected.

What Are 529 Savings Plans?

Also known as qualified tuition plans, 529 savings plans are tax-advantaged plans that are sponsored by the state and that help families save for future education costs. There are two main types of 529 plans: prepaid tuition plans and education savings plans. The former allows account holders to purchase credits or units at specific colleges and universities to cover future tuition and fees for a beneficiary at current prices. Education savings plans, on the other hand, allow account holders to save for a beneficiary’s tuition and mandatory fees, but also room and board. Funds from these types of accounts can be used at any college or university.

College Savings and Divorce

While a couple may have invested in a 529 college savings plan for their children, those assets are still considered to be marital property until the beneficiary actually enters college. This means that the contents of a college savings plan are eligible for distribution between two spouses upon divorce. While both parties could theoretically continue to place funds in the account after the divorce is finalized before turning it over to their children, this isn’t a guarantee, as some spouses value higher education more than others. In some cases, an account holder could remarry and have more children, at which point, he or she may want to use some of the funds in the account for those beneficiaries as well.

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Posted on in Child Support

Texas divorce attorneyIn Texas, parents are obligated to provide financial support for their children. This responsibility does not end when a couple dissolves their marriage or decides to separate. Instead, the non-custodial party will be required to pay child support in an amount determined by the court. When calculating how much a parent will be required to pay, courts take into account each party’s income, how much time each parent spends with the child and the child’s health needs. Unfortunately, even when parents are ordered to help pay for medical care for their child, many fail to do so, which can put extreme financial stress on the custodial parent and even endanger the health of the child, so if your ex-spouse is refusing to help pay for your child’s medical care, it is critical to speak with an experienced child support lawyer who can ensure that your child’s best interests are protected.

Medical Support

According to state law, non-custodial parents are required to provide medical support for their children, which includes the cost of health insurance or out-of-pocket medical expenses. As long as the non-custodial parent can provide medical coverage through his or her health insurance policy at a reasonable cost, then he or she is required to include the child on the policy. However, if the parent cannot obtain coverage through an employer, then the custodial parent will be required to provide coverage if available through his or her employer. Even in these situations, the non-custodial parent would still need to reimburse the other parent for the cost of insurance.

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Texas complex custody attorney, Texas child support attorneyGenerally, parents are not required to pay child support once a child turns 18 years old, graduates from high school, gets married, or is legally emancipated. However, there is an exception to this rule when a child is disabled. In these situations, one or both of the child’s parents can be ordered to continue to provide child support payments, even after the child turns 18 years old or completes high school. It can be difficult to determine what constitutes a disability for the purposes of child support, so if you are divorced and your child struggles with a disability, it is critical to retain the services of an experienced child support attorney who can help you ensure that your child will be provided for in the future.

Eligibility for Child Support for an Indefinite Period of Time

In Texas, the court can order parents to provide child support for a child over the age of 18 years old for an indefinite period of time when the child:

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