Children, Bank Accounts, and Property Division
When parents build their family’s finances, they will often consider the future of their children. By creating a bank account for a child’s collegiate expenses or just for future spending in general, parents make smart planning decisions that could save their children thousands of dollars of debt.
However, if these accounts are in place and under the name of the parents, not the children, at the time of a divorce, the legal possession of these accounts can be disputed. When facing divorce proceedings and the clear division of property, a thorough understanding of what happens to these accounts is important.
Contact a West Palm Beach divorce attorney from Eric N. Klein & Associates, P.A. at 561-353-2800 to learn more about how an experienced lawyer can work for you today.
Who Owns the Account?
Perhaps the most important piece of information concerning accounts is legal ownership. Depending on the ownership of the account, the following principles may be applied:
- Child ownership of an account means that a child keeps that account under his or her own name.
- No matter how the account is used, the ownership is what matters in division.
- If the name of a parent is on the account, it can be disputed in court.
- If the name of a parent is on the account without any children attached, it counts as divisible property.
Depending on state legal philosophies and precedents, if a parent’s name appears on the account, which makes it disputable, the ensuing division can become complex under the right circumstances.
Contact Us
If you are facing property division in a divorce, the process can be confusing and frustrating. Having a reliable advocate to help you out can keep you on track while providing you with legal advice. Contact a West Palm Beach divorce lawyer from Eric N. Klein & Associates, P.A. by calling 561-353-2800 to discuss your case today.
