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Ask Seattle Scott Your Own Question
Seattle Scott
Seattle Scott, Lawyer
Category: Family Law
Satisfied Customers: 961
Experience:  I have 25 years experience as a Washington State Family Law Attorney.
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I'm going through a divorce and researching creative ways of

Customer Question

I'm going through a divorce and researching creative ways of divide up my TSP/retirement savings. Essentially, rather than giving my spouse his share, I would like to put that money into a college fund for our 7 year old son. If I can get my spouse to agree, would it make sense for me to ask him to waive his share if I take out that amount as a loan from my TSP and put it into a college fund with both of us as trustees?
Submitted: 1 year ago.
Category: Family Law
Expert:  Seattle Scott replied 1 year ago.

That makes sense, assuming you will be paying back the loan yourself. I think you would still be ahead by 25% of the marital portion of the TSP, so there would probably need to be an agreement that he gets a credit for more than half of the value of the college fund when it is time to calculate college child support obligations.

Customer: replied 1 year ago.
Thank you for this. I will be paying for the loan myself. I'm unclear about what you mean that I would be 25% ahead and he gets a credit for more than half of the college fund when it's time to calculate college child support obligations? Also, can the fact that I will be paying interest on the loan with money that's already taxed as well as losing potential income from my TSP be factored in the calculation? How? Who would be the best expert to do this, a financial advisor, accountant, tax expert? Thank you for your advise.