Q: Will my ex be violating our divorce agreement by cashing out our son's 529 college fund?
My ex is threatening to deplete our son's 529 college fund as he is the account holder. Our divorce agreement states that we are responsible to split the cost of college 50/50 up to a SUNY tuition. The agreement mentions that "the parties agree that they have a college fund for their son, which has been referred to regarding college tuition." The agreement further states that the amount we will have to pay will be "calculated after deducting all monies from loans, scholarships, grants and the application of no more than 25% for each year of the college fund presently maintained by the parties on behalf of the child." Does this language mean that up to 25% of the fund will be used to pay for the college expenses each year and anything over and above that will fall on us to pay 50/50? Can I use this language to prevent him from cashing out the funds and using them for non-qualifying expenses? I am desperate and need to know if I have any legal standing to prevent him from doing this.
A: The answer depends on whether or not the 529 plan was part of the "college fund" that you mention in your question. If it was part of the agreement, your ex will be responsible for 12.5% of the college fund PLUS his 50% of the tuition each year if he depletes the account.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
