Legal Question in Family Law in New York

Money removed from College IRA account by custodian

Divorce ordered me to provide Educational Roth IRA account by ex-wife for $25k, $12,5k per child, with ex-wife as custodian. Ages 13 and 19. Account to be used for college only, required in divorce agreemtn by ex-wife. Received updated IRA account information , ex. has used over $18,000 for her own personal use. 19 yr old used $1,500 for community college, no other IRA funds needed by kids. Ex. makes over $60k per yr. I have one child she has other. How do I get the $18,000 used by ex. plus IRA interest put back in kids account with me as custodian? In my thinking, ex. has stolen $18,000 from kids for her personal use.


Asked on 9/19/04, 8:59 pm

2 Answers from Attorneys
Rachel Yosevitz Bistricer Yosevitz

Re: Money removed from College IRA account by custodian

First, demand an accounting from her. In a formal demand letter, ask her to account for the monies she has used from that account.

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Answered on 9/20/04, 1:33 pm
Phroska L. McAlister PHROSKA LEAKE McALISTER

Re: Money removed from College IRA account by custodian

If your Ex's Statement of Account supports your contention that the set aside college funds have been misapplied. You may have a few options and remedies.

However, you have not provided sufficient info. concerning how child support payments, medical care, tuition, camp, music, sports,clothing, allowances and other needs of the children is allocated between you and the EX. Also, the Supporting Education Plan documents, etc.. and Divorce Stipulation and Agreement terms that may control.

In sum, you need a lawyer and a copy of all pertinent documents.

Good luck,

Phroska L. McAlister,ESQ

Contact your divorce lawyer

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Answered on 9/20/04, 2:14 pm


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