If you and your spouse have established a college savings plan for your child, that account will be treated as an asset subject to equitable distribution.
In other words, whether you’ve opened a special savings account or created a tax-preferred 529 plan to pay into, at the time of the divorce, the monies will go from joint ownership to sole ownership (or the account will be dissolved and distributed between the spouses), a situation that has made more than one divorcing spouse insist that they not have to pay into such a plan anymore.
The goal is to provide for your child in college. Odds are, your spouse wants the same.
The best way to produce the desired result is to negotiate college savings as an element of the final agreement.
The Rochester & Rochester divorce attorneys at Friedman & Ranzenhofer negotiate settlements for the long term. Call us today at 585-484-7432 for a legal consultation.