Legal Question in Family Law in California
Colleg Money in Divorce
My husband and I are getting a divorce. Because of tricky real estate investments, I am going to buy him out. He wants $55k for his half of the college fund and I am ok with it only if there is someway to safeguard it for our two teenagers. Is there a way to do this?
1 Answer from Attorneys
Re: Colleg Money in Divorce
Do you mean safeguard it from your husband or from the teenagers using it in a manner other than what you and he intended? Is the college fund a 529 Plan or Coverdell Education Savings Account (ESA)?
I have not heard of one parent buying the other out on funds for children, so narrowing the question to just "how to safeguard" funds, consider a trust account or trust agreement. Also consider retaining an attorney to review your draft agreement before you go through with it -- not to throw a wrench into things, but just to be fully informed as to all your rights and all your options.
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