College Savings Account Question

[kkotrous]

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

Not sure if this is the right thread, couldn't find one that it fit into.

When my decree was entered was I was named sole custodian of a college savings account (a CD) for my minor son. The wording reads that the money is to be used for college, in the event that the child does not attend college the money was to be divided evenly. I understand that if my son does not attend college I owe him 50%.

The child has always lived with me 100% of the time. I lost my job of 15 years, and was unable to gain similar employment. Went through my retirement, and as a last resort used college fund for mortgage, taxes, etc.

My son is now 18 and going to college in the fall. I will be paying for his college expenses as he goes, and he and I are fine with this.

My ex-husband is now back in my sons' life, and questioned him about the college savings. When my son told him we had to use it to meet expenses, but that I would be paying for college, he hired an attorney and wants to sue me or press charges.

Does he have any basis to sue me?

 

[Proserpina]

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

Not sure if this is the right thread, couldn't find one that it fit into.

When my decree was entered was I was named sole custodian of a college savings account (a CD) for my minor son. The wording reads that the money is to be used for college, in the event that the child does not attend college the money was to be divided evenly. I understand that if my son does not attend college I owe him 50%.

The child has always lived with me 100% of the time. I lost my job of 15 years, and was unable to gain similar employment. Went through my retirement, and as a last resort used college fund for mortgage, taxes, etc.

My son is now 18 and going to college in the fall. I will be paying for his college expenses as he goes, and he and I are fine with this.

My ex-husband is now back in my sons' life, and questioned him about the college savings. When my son told him we had to use it to meet expenses, but that I would be paying for college, he hired an attorney and wants to sue me or press charges.

Does he have any basis to sue me?

Well, he has an attorney who believes there is cause to sue - this alone would mean it's probably a good idea for you to at least speak with an attorney yourself (though I'm not seeing where Dad has standing to do anything, but as we don't know the exact details of the divorce decree anything is possible).

Was there ever a child support order, btw? Do you know on what basis Dad wants to sue?

 

[kkotrous]

Actual wording says "Petitioner (me) is to be custodian of college savings account for minor child, which may be used for college expenses. In the event minor child does not attend college, the funds are to be split evenly between petitioner and respondent."

My son came to live with me full time within six months of divorce. He never spent another night with this father. He lived with me from October of 2006 through now. I received 9 months of child support during this 33 month period.

This will be the fourth time he has taken me back to court on post decree issues. He has lost every time. I simply can't afford an attorney at this point.
He is angry because my son chose to live with me instead of him, so this is his way of getting back at me.

I fully intend to pay for college up to and beyond the amount that was originally in the college savings account. I am now working and able to pay it as I go.

 

[kkotrous]

Sorry I missed your last question. He wants to sue me for stealing (embezzling) from my son.

 

[LdiJ]

Sorry I missed your last question. He wants to sue me for stealing (embezzling) from my son.

I really don't see dad getting anywhere with this. You are going to fully pay for the child's college yourself, so basically you are paying back the money you borrowed from the child.

Also, if your child is now an adult (over 18) I don't see how dad has a cause of action.

If the child wasn't attending college and you had to split the money with dad, he would have a cause of action for that, but the child IS attending college.

How much money are we talking about anyway?

 

[kkotrous]

Correct, I will be paying back the full amount, plus whatever else it costs to finish his education (likely more than triple the original amount liquidated, with no help from dad).

Yes, my son is 18.

Also correct, and understood that I would have to pay back any monies IF he wasn't attending college, that language is clear.

There was $24,000 in the account at the time that I liquidated it.

Tuition, books, room and board, plus insurance is going to run me about $1100 a month.

 

[LdiJ]

Correct, I will be paying back the full amount, plus whatever else it costs to finish his education (likely more than triple the original amount liquidated, with no help from dad).

Yes, my son is 18.

Also correct, and understood that I would have to pay back any monies IF he wasn't attending college, that language is clear.

There was $24,000 in the account at the time that I liquidated it.

Tuition, books, room and board, plus insurance is going to run me about $1100 a month.

Ok, then I don't think that dad has a cause of action. Your son would have a cause of action, but not dad. Dad could take you to court for contempt for violating the divorce decree, but the judge would simply order you to pay for college, and you are going to do that anyway.

You may want to consider taking out some student loans (that you would pay back rather than your son). You may find that $1100.00 a month is cutting you too close. You may want to spread the cost over more than 4 years.