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Subject:
in trust for bank accounts for kids in divorce case settlement
Category: Business and Money > Consulting Asked by: trust-ga List Price: $4.50 |
Posted:
21 Jun 2002 06:22 PDT
Expires: 28 Jun 2002 06:22 PDT Question ID: 31132 |
I would like to know : The bank accounts in trust for kids, are they subject to equitatble distribution during the divorce case. Whose money is that? I have money with my kids in the bank intrust for them. I am going through the divorce. and my husband wants this money which was put in bank accounts in trust for them. I want to know if that money is for kids or subject to equitable distribution in New Jersey court system. |
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There is no answer at this time. |
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Subject:
Re: in trust for bank accounts for kids in divorce case settlement
From: expertlaw-ga on 25 Jul 2002 12:51 PDT |
When you refer to the money being held in trust, is there an actual trust agreement? What type of trust is it? The short answer is, if the money is held in trust for the children it doesn't belong to the parents, and it is up to the trustee to determine if a parent's request for compensation (e.g., if the trust allows for funds to be used for private school tuition, and a parent wants to be reimbursed for tuition expenses) is consistent with the terms of the trust. However, the situation may be different if the "trust" consists solely of a joint parent-child bank account, with no trust document. Your bank may be able to answer your question for free. |
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