Your Kid's College Savings and Divorce
When trying to decide what happens to the savings for their kids college fund, the recommended approach would be to speak with your ex and settle it through a private agreement. This avoids costly fees associated with litigation.
All parents want the best for their children. They work hard in order to provide the best things for the kids. Some parents work all day to provide their sons and daughters better and brighter future. There are those who invest some of their money in education plans and the like. The only goal for them is to ensure that their children will grow without a problem in their basic needs, maintenance, finances and education.
The problem arises when the parents get a divorce and they now have to decide what will happen to the savings they tucked away for the future of their kids. If you are in this type of situation, the best person to talk to is your divorce lawyer. Go to the office of your chosen legal counsel and prepare the questions that you want to ask. His or her legal advice will guide you on how you can deal with the problem.
Once you have discussed this matter with your lawyer, you will find out that it is recommended to settle things with your ex through a private agreement. This means that there will be no court litigation, which is highly costly and time-consuming. When you enter into a compromise agreement with your former spouse, everything will be decided without the intervention of a jury or a judge. During the execution of the contract, make sure that your legal counsel assists you. Before signing any contract, it is imperative to you have read all the provisions and have understood the stipulations.
In cases where out-of-court settlement is not possible, the next option available is to institute an action in court. Commencement of an action can be done through the filing of an initiatory pleading called a complaint. In the said pleading, you need to state the name of your former spouse and allege all the circumstances to convince the judge to rule on your favor. It is important that you specifically provide what you want to happen. Make sure that the pleading contains a relief or a prayer that you want the court to grant in your favor.
The filing of a case in court can be done through your lawyer. There is a need to comply with all the procedural laws while the hearing for your case is going on. Before taking a step, always remember to consult first with your attorney. This way, you can avoid future problems with respect to the case.
References: Make Sure Divorce Doesn't Disrupt a 529 Plan
Divorce Articles & Frequent Questions
Three Simple Steps
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