Before you can accurately classify the account, you'll need basic information about how the account was initially set up. You also need balance statements and records of the account's transaction history.As part of your divorce, you must complete a financial disclosure statement that lists all accounts. So you'll need this account information anyway.
Account statements for any accounts shared with your child can help you categorize those accounts and figure out whether they should be considered marital property.
Transaction history also will give you an understanding of approximately how much money has been deposited into the accounts by each spouse.;
, How you are listed determines whether you are a true owner of the account. If your child is the only owner, the funds in the account are not considered marital property.When your child was young, you may have opened a joint savings account to help teach your child about handling a bank account and saving money.
If you are listed as a joint owner of this account, it typically would be considered a marital asset. This is because as an owner of the account, you technically have the power to withdraw funds from that account at any time – even if you ordinarily wouldn't consider doing such a thing.
On the other hand, you may be listed as the custodian or the trustee of the account. This typically means the funds are being held for the beneficiary – identified as your child – but the amount of control you have over the funds differs according to how the account is set up.
 The divorce court will look at the laws under which the account was created when determining whether the funds in the account are marital property. This is particularly true in situations where either you or your spouse has opened a college savings account for your child.One of the most common accounts parents open for the benefit of their children is a 529 college savings account. This account is named for the section of the federal tax code that addresses it.
With either a 529 or a Coverdell college savings account, you maintain ultimate control over the funds in the account until your child enters college. You also have the power to change the beneficiary of the account at any time.
Because of the level of power the parent exercises over the funds in these accounts, many divorce courts will consider these accounts part of your marital assets – absent an agreement between the spouses to the contrary.
However, you also may have created a UGMA or UTMA custodial account. These accounts normally are considered the property of your child because you do not have control over the assets in the account and cannot change the beneficiary.
 Even if the account is a basic joint account and as not created under any particular tax or other law, the divorce court may consider its purpose. Other factors such as when the account was opened also come into play.Since divorce courts technically are considered courts of equity, the judge will consider all factors in deciding whether an account will be classified as marital property.
Although the strongest way to protect accounts shared with a child during divorce is to create an agreement with your spouse, you also may create a strong argument that the funds should not be considered marital property.
Even with a basic joint savings account, if you opened the account with your child several years before the divorce, and have consistently used it for your child's benefit, there's a good chance the judge will agree to exclude those funds.
The judge will consider many aspects of the account, including its creation and continual use. Speak to your attorney about the likelihood that a judge will exclude an account you share with your child.
 Particularly if both you and your spouse are represented by attorneys, a formal meeting allows everyone necessary to be present and adequately prepare for a discussion about accounts shared with a child.Keep in mind that if your spouse is represented by an attorney, you cannot contact them directly about this matter – you must get your attorney to contact their attorney to set up the meeting.
How long the meeting will take may depend on how amicable you and your spouse are, and your ability to communicate with each other effectively. Generally, you want to allow at least an hour.
Typically you want to schedule this meeting at a neutral location. In most cases this is more conducive to agreement than, for example, having it in a conference room at your attorney's office.
 In preparation for the meeting, both you and your spouse will need access to basic account information. You can look at this information to determine how you want the money in the accounts treated in the divorce.Focus the meeting solely on accounts shared with children. If you and your spouse have children from previous marriages, this may get complex.
However, even if you only have one child and there are only one or two accounts at issue, resist the urge to address any other financial issues during this meeting.
If your spouse does not have access to account records (as may be the case if the accounts are in your name only), make sure their attorney gets copies of account statements and other records a reasonable amount of time before the meeting is scheduled.
For example, if you have a meeting planned for next Friday, try to get those documents to your spouse's attorney by Monday or Tuesday of the week of the meeting.
 If you and your spouse both agree that the accounts were intended to be used for your child's college, you should have no problem agreeing that the money in those accounts should not be considered marital property.Even if you and your spouse are antagonistic and have a hard time agreeing on anything, you need to be able to find common ground when it comes to caring for your child.
Your attorneys can help you put other issues and differences aside to focus on the accounts shared with the child.
If your spouse is concerned about whether you'll take funds out of the account, or hide marital funds in the account and take them out later, you can create an agreement that addresses the operation of the account during and immediately after the divorce.
While this meeting could pave the way to agreements in other areas, don't feel the meeting is a failure if it doesn't.
 If you have college savings accounts that offer tax benefits, you and your spouse may want to split them. Your child will still have the same money going towards his or her college. However, that money will come from two separate accounts instead of the original one.Splitting the account may be most attractive if both you and your spouse have been putting money into it over the course of the marriage.
How you split the account isn't all that important, since all the money will be going to the same place – your child's education. You can simply split it straight down the middle if that's easiest.
Since many college accounts, including 529 savings accounts and Coverdell accounts, allow the account owner (you or your spouse) to withdraw funds at any time for any reason, splitting the account can be helpful where there are trust issues.
Splitting the account also ensures that any taxes or penalties incurred for withdrawing from the account will be incurred solely by the responsible spouse.
 In a divorce proceeding, you and your spouse can agree on how certain assets will be handled without agreeing on everything. However, any agreement you make regarding accounts shared with a child should be included in a written contract signed by both you and your spouse.Since your meeting focused solely on accounts shared with your child, the agreement should only address those accounts.
If you come to an agreement regarding any other accounts or assets, this agreement can be incorporated into later ones.
Typically one or both attorneys will draw up the agreement. Read it carefully and make sure you understand all the terms of the agreement before you sign it.
If you can't get your spouse to agree to leave the funds in those accounts out of your marital property, you may be able to get a preliminary court order addressing solely his aspect of property division. Speak with your attorney about this possibility.
 Let your child know that neither you nor your spouse plan on taking their money from them. If your child is old enough, you may want to share bank records and any written agreements you've made with your spouse regarding their accounts.If your child has been putting money into the account, it's important to let the child know that their money will remain their money.
For example, suppose you opened an account for your daughter when she was in kindergarten and she deposits money she gets for her birthday into that account.
You might sit down with her and go over a full transaction history of the account. Highlight the deposits that represent her birthday money, and assure her that neither you nor your spouse will touch that money.
It also may be helpful for you and your spouse to sit down with your child together. Reassure them that while you're divorcing each other, you aren't divorcing your child and will continue to look out for their best interests.
 Even if you and your spouse are unable to reach an agreement, pulling money out of an account shared with your child defeats the account's purpose. This is something the judge will take into consideration when classifying and dividing assets.Withdrawing money from an account you share with a child can send a signal that you still consider this your money, and aren't actually holding it in that account for your child's benefit.
If you need to move money you deposited for any reason, speak to your attorney first. He or she will advise you on the best plan of action.
 If you had an automatic transfer set up, in most cases you don't want to change the amount or frequency. Wile you may have to adjust it if you and your spouse separate bank accounts, avoid eliminating a regular deposit completely.If you treat the account as though nothing has changed – the account is for your child, and you're continuing to deposit the same amount each month for your child – it's much more likely the court will treat those funds as your child's property.
At the same time, you want to avoid making extraordinary deposits, because to your spouse it may appear that you're trying to hide money so it won't be considered part of the marital property.
Generally, you need to avoid any differences between how you treated the account before the divorce was contemplated and how you treat the account during the divorce process.
 If you make any changes to the account without your spouse's knowledge, it can look like you're trying to hide funds or take more than your fair share of marital assets.For example, suppose you open a separate bank account at a different bank than the one you and your spouse used. You and your child are the only account holders, and you want to move the account to your new bank for convenience.
Keep your spouse in the loop regarding the transfer and provide account statements so your spouse can see that no money was removed from the account during that transfer.
If possible, you may want to alert your spouse to any such changes before you make them, so they're aware of your plans. Many people prefer advance notice to simply being told about something after it happened.
Get copies of account records.
Evaluate how you are listed on the account.
Identify the laws that govern the account.
Consider the account's purpose.
Schedule a formal meeting.
Gather account statements.
Discuss your goals for the accounts.
Consider splitting college savings accounts.
Put any agreement in writing.
Reassure your child.
Leave all money in the account.
Continue making usual deposits.
Notify your spouse of any changes.
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