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Divorce and the assets of children

Though almost all divorce litigation is resolved in settlement and though parents have great leeway in resolving divorce matters as they see fit, the policy still remains that child custody and child support determinations should always be made with the best interest of the child in mind. In New Jersey, a parent cannot waive child support or take actions that would deprive a child of assets that the child legally is entitled to own.

After a divorce, assets that traditionally are owned by children follow that child. Accounts that are in the child's name cannot be transferred elsewhere. However, such accounts can create a certain amount of difficulty in that the purpose of the account is not always clearly stated.

Sadly, not all parents take into account the child's concerns when going through a divorce. The non-custodial parent often views money owed for child support to be money that was strong-armed out of them by the other spouse. Such a parent might end up working less overtime, attempt to hide assets, or take other efforts to reduce the amount that they owe. They fail to realize that it is the child that is often harmed because of such actions.

Experienced attorneys understand that divorce can be an extremely contentious time. Yet a good family law attorney will do what they can to get both parties to work together during the divorce negotiations. These attorneys will also have contact with resources such as county social workers and mediation counselors to make certain that the needs of all parties to a divorce - and especially children - are met.

Source: NJ.com, "Biz Brain: The fate of custodial accounts during a divorce," by Karin Price Mueller, March 4, 2013

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