Aaron & Aaron, Attorneys at Law
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Managing a college savings account after a divorce

South Carolina residents considering a divorce or going through the process may be concerned about the fate of any long term investments that they made while married. It is possible that some savings accounts might be lost during the divorce or misspent by one of the departing spouses. Even investments such as savings for a child's college education may be at risk.

Many divorcing couples deal with this issue through a separation agreement. This is a signed contract between the former spouses that is often created before the divorce is finalized. It should cover gray areas and provide binding instructions for future use of savings account funds.

A certain amount of flexibility is usually desirable in an agreement. However, this often requires transparency between the former spouses. For example, it might be acceptable to have a child in college use funds from an education savings plan to pay rent to one parent. However, it must be fairly observed that this represents a complex situation, and even a reasonable person could misinterpret the sequence of events if they were not informed or consulted. It may generally be better to obtain the consent of the ex in situations such as these and try to avoid problems.

An attorney could help guide an individual going through a divorce. Drafting a separation agreement can be much easier and more equitable with the assistance of an attorney. The lawyer may be able to suggest agreement language that forestalls future difficulties and keeps all parties within full compliance with the law.

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