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.
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.
 Walking/Running Puppy - Advise needed
 GridPanel border
|
in trust for bank accounts for kids in divorce case settlement