If my ex-husband closed our children’s savings accounts and took their money, do they have legal rights?

Get Legal Help Today

 Secured with SHA-256 Encryption

If my ex-husband closed our children’s savings accounts and took their money, do they have legal rights?

My ex-husband opened a savings account for my 2 children when they were about 5 years-old. They were made to put in all of their allowance, as well as birthday and Christmas money throughout the years. They are now 16 and 18, and have just discovered that he recently closed the account and took off with their money? Do they have any rights?

Asked on December 22, 2010 under Bankruptcy Law, Ohio

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

What I am assuming here is that these were accounts that were based upon the Uniform Gift To Minor's Act (UGMA accounts) and that your Husband was the named adult on the account, correct?  These type of accounts are held in trust for the needs of the children and it is assumed that parents can at times dip in to pay for the needs of the children. If this is not the case then who is listed as the owner of the accounts?  I would speak with an attorney in your area on what you can do with regard to this matter.  How the accounts are held will have a bearing on the issues here and what the kids can do.  I would try any avenue to get the money back for them.  Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption