Calculation of Parental Contribution Sample Clauses

Calculation of Parental Contribution. The Children’s college expenses shall be paid with funds from any scholarships (i.e., grants that do not need to be repaid) which the Children may obtain. To the extent that such funds, and any joint savings for the Children’s education, are not sufficient to pay their college expenses, the remaining expenses shall be shared by the Parties in a ratio proportional to the average of their annual incomes, as reflected on their tax returns, for the three prior calendar years. This ratio shall be determined each year on or about July 1, and shall apply to expenses incurred from that date until June 30 of the next following year. For purposes of this calculation, the Wife’s income shall be increased by the amount of any support she receives from the Husband during the previous calendar year, and the Husband’s income shall be reduced by that same amount. For purposes of illustration, if the Husband’s income for three previous years is $100,000, $120,000 and $125,000 respectively, and the Wife’s income is $40,000, $45,000, and $50,000 respectively, and the annual amount of child support and alimony paid each year is $35,000, the ratio is 50/50. (Husband’s average income of $115,000 less $35,000 equals $80,000; Wife’s average income of $45,000 plus $35,000 equal $80,000.) For purposes of making this calculation, a Party’s income shall be his/her adjusted gross income as defined by the Internal Revenue Code. In the event that either of the Parties has remarried and files a joint return, that Party’s income shall be calculated as if s/he were filing individually including one-half of any income from assets held jointly by that Party and his/her spouse.OR1. Calculation of Parental Contribution The Children’s college expenses shall be paid with funds from any scholarships (i.e., grants that do not need to be repaid) which the Children may obtain. To the extent that such funds, and any joint savings for the Children’s education, are not sufficient to pay their college expenses, the remaining expenses shall be shared by the Parties [equally] [in the following ratio: __% by the Husband and ___% by the Wife].