This doesn't make sense. At the time of the divorce, both parties would have accepted that this money was set aside for their son's education - OR- it would have been divided 50/ 50 as joint assets. It was obviously excluded from the division of their assets. It could never have been for the father's exclusive use.
The story avoids the legal technicality of the fund. How was the trust established? For example, OP's name may not have been on it, although he had access to see the balance. If the fund was under the dad's name, the money is still technically the dad's. Legally speaking, his cash, morally speaking, it was money for the son's education, and he squandered it. If under both parents' names, the dad is entitled to take back only 50% of the fund and not gift it to the son, but he took the entire amount, and therefore, theft.
Obviously his mother also put money into that account so dad wasn't entitled to all of it, but sounds like some of it is a trust fund set up by the grandparents. No wonder why his parents are divorced, dads a financial trainwreck.
The school trying to make him pay all 4 years before he even starts? So confused about the reason that he couldn't start school with a two year head start on tuition...
This case belonged in criminal court if the dad was not the holder of the account. The dad is your typical narcissist. In the end, OP is going to college with no financial concerns and the dad lost a son.
OP IS NINETEEN. How long was he going to wait to check the account? This is why schools need to call lawyers/ CPAs. In addition to Sex Ed classes. Check your credit, freeze your credit, check any college fund/ trust in your name. AT EIGHTEEN, move funds to a single holder account so no one can access except you. Warn the bank that only you are authoirzed to withdraw money Politicians need 2 add a scheme like 401K. Relatives can start a fund. Add to it. But not withdraw. Only the beneficiary child can, from the age of 19 onwards
Technically speaking, only 50% of that money was the dad's but he took the whole thing. Some parents actually do this for their kids so they don't have to be saddled with loans. The dad was just greedy and self-absorbed.
@@treehouse2902 I didn’t see any statement or the wife paid one single penny however, I did recall statement about the grandparents setting up the college fund so the source of the money is not really clear
@@nadiryoung9925 OP didn’t own the money. It was a gift from someone else probably his father. We’re not really clear on this but one thing we know for sure OP did not earn it.
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