college investments split in divorce

[teresarae]

What is the name of your state (only U.S. law)? Mississippi

My husband and I are getting divorced. Are the college funds for my daughter(from a previous marriage) marital property? I have an educational IRA and a 529.

[mistoffolees]

Originally Posted by teresarae

What is the name of your state (only U.S. law)? Mississippi

My husband and I are getting divorced. Are the college funds for my daughter(from a previous marriage) marital property? I have an educational IRA and a 529.

It will depend on how they're set up and how they were funded.

If you had the money from before your marriage and kept it in a separate account, it's separate property.

If you opened the account while you were married and funded it with marital funds, it is marital.

[LdiJ]

Originally Posted by mistoffolees

It will depend on how they're set up and how they were funded.

If you had the money from before your marriage and kept it in a separate account, it's separate property.

If you opened the account while you were married and funded it with marital funds, it is marital.

I am not necessarily going to disagree with you, but I will also say that its not quite that simple either when it comes to educational IRAs and 529 plans. OP needs a consult with a local attorney.

[mistoffolees]

Originally Posted by LdiJ

I am not necessarily going to disagree with you, but I will also say that its not quite that simple either when it comes to educational IRAs and 529 plans. OP needs a consult with a local attorney.

It may also depend on the location. In my state, even though the 529 plan is in the name of the child, it was still considered marital property by our court. I don't know if that's universal or not.