Joint bank account wiped out

[jimmy moon]

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

My ex wife and I have been paying $100 a check into a bank account for many years. This bank account was suppose to be for our daughters future college fund. The bank account was in my name, ex wife name, and our daughters name (12 years old). We both were paying into it while we were married and years after our divorce. Recently she took it all out and closed the bank account without telling me. I wont go into details, but how do I get my portion back? Since my name was on the account I can request bank statements. I can easily prove that I was contributing with bank statements, but will a judge just let my ex wife have the money now that she took it? Is it possible to get my portion back so that I can open a custodial account of my own? Im worried that she will spend it on luxuries if she hasn't already. Please let me know if she owns the money now, or if I can claim my contributions in a court of law.

 

[sandyclaus]

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

My ex wife and I have been paying $100 a check into a bank account for many years. This bank account was suppose to be for our daughters future college fund. The bank account was in my name, ex wife name, and our daughters name (12 years old). We both were paying into it while we were married and years after our divorce. Recently she took it all out and closed the bank account without telling me. I wont go into details, but how do I get my portion back? Since my name was on the account I can request bank statements. I can easily prove that I was contributing with bank statements, but will a judge just let my ex wife have the money now that she took it? Is it possible to get my portion back so that I can open a custodial account of my own? Im worried that she will spend it on luxuries if she hasn't already. Please let me know if she owns the money now, or if I can claim my contributions in a court of law.

How was the joint ownership of the account listed? Did both you and your ex-wife have equal rights to withdraw deposits from the account, or did a withdrawal require BOTH you and your ex-wife's signature to make a withdrawal?

If you both had equal ownership of the account, that means that either of you could deposit or withdraw funds at any time. It also means that you may not have the right to claim "your" portion back.

Are you sure that she didn't just withdraw the funds and place them in a separate account where she (as perhaps the custodial parent) had sole access to the funds for your daughter when she needed access to them?

The time to determine ownership of the account and its funds would have been during your divorce proceedings. Since both you and your wife were contributing to the account, it would have been considered "community property" under California law. This account SHOULD have been listed in your assets during the divorce so that you could determine whether or not the ownership rights needed to be changed, or one of you should take possession of the funds and re-deposit them in an account managed by one of the two of you.

If it is your intent to continue contributing to a college fund for your daughter, then I would open a new account yourself and start depositing to that account as only you would have control over it until your daughter requires the money for her education. As for the money from the former account, since your ex-wife withdrew the funds, most likely you both had equal ownership rights, which translates to the unfortunate fact that EITHER of you could withdraw all or part of the money in that account at any time. Neither of you could do much about that while the account remained as it had been.

Perhaps someone else has further information they can suggest here?

 

[Antigone*]

How was the joint ownership of the account listed? Did both you and your ex-wife have equal rights to withdraw deposits from the account, or did a withdrawal require BOTH you and your ex-wife's signature to make a withdrawal?

If you both had equal ownership of the account, that means that either of you could deposit or withdraw funds at any time. It also means that you may not have the right to claim "your" portion back.

Are you sure that she didn't just withdraw the funds and place them in a separate account where she (as perhaps the custodial parent) had sole access to the funds for your daughter when she needed access to them?

The time to determine ownership of the account and its funds would have been during your divorce proceedings. Since both you and your wife were contributing to the account, it would have been considered "community property" under California law. This account SHOULD have been listed in your assets during the divorce so that you could determine whether or not the ownership rights needed to be changed, or one of you should take possession of the funds and re-deposit them in an account managed by one of the two of you.

If it is your intent to continue contributing to a college fund for your daughter, then I would open a new account yourself and start depositing to that account as only you would have control over it until your daughter requires the money for her education. As for the money from the former account, since your ex-wife withdrew the funds, most likely you both had equal ownership rights, which translates to the unfortunate fact that EITHER of you could withdraw all or part of the money in that account at any time. Neither of you could do much about that while the account remained as it had been.

Perhaps someone else has further information they can suggest here?

No further information necessary, Sandy

 

[sandyclaus]

No further information necessary, Sandy

Thanks, Tigi... I just wanted to make sure I was legally accurate in my layman's version of advice

 

[jimmy moon]

Thank you very much sandyclaus for the information. My ex wife did have legal access to the account so I understand what you are trying to tell me. I will just consider that money gone and move on with a new custodial account of my own. Thanks for dumbing it down for this caveman