Question:
What is the disposition of a college fund created by monies from both parties upon divorce? Will the fund be left intact and reserved for the child’s education?
Answer:
First let me preface my answer by stating that I am not licensed to practice law in the state of Delaware, so I am unable to provide any legal advice to your questions, as I am unaware of the facts, issues and laws in Delaware.
In most jurisdictions and in my own experiences, Courts usually hold that college funds are the separate property of the child that it is created for. Usually only one parent is a named custodian of that account and a Court usually chooses that parent to continue being a custodian of the account and gives that parent a duty to provide accounting of that account to the other parent.
However, you should speak to an attorney in your jurisdiction to find out how Delaware classifies that specific asset in your jurisdiction.
Jason Bowman is an attorney in the Louisville, Kentucky office of Cordell & Cordell, P.C. He is licensed in the states of Kentucky and Texas. He received his Bachelor of Science in Business from the University of Louisville, and received his Juris Doctor from Texas Wesleyan University.
