Filing for divorce will most likely have a major effect on many if not all aspects of your life, including division of property and debts, custody and parenting time of the children, alimony or spousal support and many other issues. When dealing with the property division, all property must be addressed and divided between the parties, including assets that are being held for the benefit of others, such as educational funds for the children, a vehicle, family heirlooms or other personal property. These assets must be identified in the judgment of divorce and there should be special provisions to ensure that the children actually receive this asset or fund. It is important to consult with a family law attorney if there are particular assets that you would like to preserve for the children, do not hesitate to contact us online or by calling (248) 608-4123.
What Happens in a Michigan Divorce to Educational Funds You have Saved for the Children?
Typically, these funds are preserved for the children in the divorce regardless of whether one parent or both parents saved or put aside these funds for the children. The judgement of divorce will identify with some specificity the account and whether one or both parents will continue to manage the account or accounts. If only one of the parents will be listed as the custodian of the account, then it is wise to include a requirement that the account custodian will provide at least annual statements for the account to the other parent. There will also be restrictions that require the funds to be used only for the children and the intended purpose for which the funds were saved and may include a requirement that neither parent may withdraw funds even for the benefit of the child without the consent of the other parent. Finally, there will typically be language that either parent may continue to contribute to the accounts but that neither party is required to do so.
What About Other Property That I Would Like to Preserve for the Children?
Depending on the nature of the asset, you may be able to reach an agreement from the other parent or a court may order that the asset should be preserved for the children. There are so many different types of assets that one parent may want to insure is protected and handed down to a child or children that it really cannot be covered under this blog, including inherited land, collectable items, sports or other memorabilia, antiques and on. If it is clear that the property was purchased for or is otherwise being held onto with the intent to pass the property to the child when the child reaches the appropriate age, then most likely you should be able to obtain an agreement from the other parent or an order from the court that this property will be held for the benefit of the child until a specific time, age or event. In other cases, you may have to negotiate or bargain to have the asset held for the benefit of a child as part of the division of the other assets in the case.
At any rate, if you are considering filing for a divorce, you most likely have many many questions, the best way to obtain some clarity and some answers is by scheduling a consultation with a knowledgeable family law attorney, please do not hesitate to contact us through our online form or by calling (248) 608-4123.