Summer is upon us and college admission letters have been received by now. While it is a happy time to celebrate a child’s success and admission to the school of his or her choice, figuring out how to pay for college is often not as pleasant. The question arises: when divorced, who pays for college? The answer to this important question should have been decided during divorce proceedings.
Payment for the costs associated with college, as well as for those associated with college admissions (travel to potential schools, test prep courses, application fees), should be contemplated at the time of divorce. Who pays for what, and how much, ought to be determined long before it is time for your child to apply. Will there be a “cap” on mandatory contributions to college costs at the SUNY level? Will the parents pay for a child until he or she graduates, even if it takes longer than the ordinary four years? Will both parties agree to contribute to graduate school? These are all decisions that should be contemplated, and answered, at the time of divorce to avoid future complications.
Divorce, while often difficult, can also be viewed as an opportunity for a fresh start and a chance to plan for the future. If it has not already been done, it is prudent to set up college savings accounts (“529″ accounts) at the time of divorce, to which both parents are obligated to contribute periodically. When dividing assets, allocating a portion to college costs may be a wise option.
If parents have neglected to provide for college funding in divorce, who will pay? This depends on a variety of factors, including the child’s wishes and the parents’ ability to pay. A court may order a parent to pay for college, even in the absence of an agreement that obligates him or her to do so. Thus, it is sensible to decide well ahead of the time a child is ready for college how the payment of college costs will be handled.
Caramoor Center for Music and the Arts is delighted to announce an inspiring new collaboration with Jazz at Lincoln Center, led by Managing and Artistic Director Wynton Marsalis. Jazz at Lincoln Center programming will provide audiences the chance to hear world-class jazz from one of the nation’s foremost cultural institutions in Caramoor’s idyllic setting. This new programming collaboration will launch at the 22nd annual Caramoor Jazz Festival (July 18), and will feature events and performances for jazz enthusiasts of all ages, culminating in a performance by the celebrated Jazz at Lincoln Center Orchestra with Wynton Marsalis. As in previous seasons, the festival will take place throughout the historic Caramoor estate: 90 acres of picturesque Italianate architecture and gardens in Katonah, NY, just an hour’s drive from Manhattan, and an oasis for jazz aficionados and newcomers alike. Mark your calendars, jazz lovers, and get ready for a great day of music! Stephen J. Jones, our managing partner, is a member of the Caramoor Board of Trustees.
For more information about Caramoor, visit www.caramoor.org.
If you are a restaurant owner, or any business owner, you should be thinking about employment law issues and how Jones Morrison can help you understand them and implement solutions. Even simple actions, such as posting signs in the workplace about state and federal laws, and ensuring you are in compliance with the New York State minimum wage increase to $8.75 per hour as of January 1, 2015. Our clients (and the federal courts) have seen a dramatic increase in unpaid and underpaid wage and hour and overtime claims. Whether driven by a struggling economy or increased awareness of workers’ rights, employers need to be careful – particularly about the classification of employees as “exempt” from federal and state overtime laws. From helping create a personnel handbook to make sure policies are clearly defined for employees to exploring employment agreements for top managers and executives, Jones Morrison can help avoid future legal issues and allow you to keep your mind on the dinner rush.