Q: In a divorce degree, a 529 account that was considered separate property, I agreed to use the funds for my daughter'
education pursuant to the laws of PA. She went into the military and college tuition is paid for. My ex wife is now sueing me for the money for books, I am the owner and for various reasons do not want to turn over this money. THe agreement also states that my ex wife releases me from all claims on separate assets, can she still sue me or is she without standing. Thank you
A: A careful review of your property settlement is required in order to give you a reliable response. Frankly, the possibility of your daughter not being able to use the 529 account should have been dealt with in your settlement agreement. Also, if she wanted to go to graduate school, for example, she could still benefit from the 529. I suggest that you take your agreement to an experienced family law attorney for review and advice.
A: It sounds like you may require some clarification as to the circumstances under which those 529 funds can be used. For example, some books are considered acceptable expenses. I suggest that you first meet with your financial advisor to determine what college-related expenses can be paid for out of the 529 plan and then work it out with your ex. The plan is for your daughter's education and should be used for all acceptable expenses related to that. If this answer doesn't please you then go talk to your divorce lawyer about the language in the settlement agreement and obtain clarification in that way.
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