Question:
My state's child support laws are requiring me to help pay for my child's college tuition.
Many years ago, my wife's parents set up investment accounts for our child with the general understanding that this money was to pay for a college education, though it was never put in writing.
My soon-to-be-ex feels that since the money originated from her side of the family it is only to be used to help defray her cost of paying for our child's college. I think the money should be used for its intended purpose and then my wife and I would split any extra costs.
Do child support laws state that if the child has assets in her name that those assets should be consumed first before the remaining costs are split by the parents?