Custodial accounts established for the parties' children during the marriage can constitute significant assets. But whose money is it, and how can it be used?
What About the Children's Money?
Custodial accounts established for the parties' children during the marriage can constitute significant assets. But whose money is it, and how can it be used? Some parents view the custodial accounts as a convenient way to make up a shortfall in the income available to meet support payments and property settlement obligations. Because the unilateral expenditure of children's funds is almost guaranteed to generate a new series of disputes between the parties, it can be helpful for the lawyer to discuss the children's money with the client, emphasizing what can - and cannot - be done with it.
By
Joanne Ross WilderThis premium content is locked for LawJournalNewsletters subscribers only
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