Conference quokka::non_custodial_parents

290.0. "Need Advice on Fiduciary Reponsibility" by USMVS::BRACE () Thu Dec 30 1993 11:22

    I would appreciate your suggestions on how to proceed with protecting
    my childrens' interests.  The scenario:
    
    (1) divorced 1 1/2 years
    (2) about 12 years ago my Stepfather gave each of his grandchildren
    $1000 to invest towards education.  This included $1000 to each of my
    children (which I thought was really nice), and then later when my
    third child was born $1000 for him.
    (3) ex-wife took responsibility to open a custodial savings account and
    invest the $1000 for each child. (ex-wife also handled all household
    finances -- I know, I know, but please it's over & done with so let's
    not dwell on this)
    (4) upon divorce both parties were supposed to give copies of
    childrens' accounts to other party.  I gave her copies of the brokerage
    accounts that I had opened and was managing for the kids.  She did not
    give me copies of the ones that she was managing.
    (5) repeated (stress *repeated*) requests for copies of the kids'
    savings accounts.  Finally after over a year she sent me a copy of a
    fairly current page from two of the three accounts.  Supposedly my
    oldest 'objected' so that was not included.  The accounts showed only a
    couple of hundred dollars each.  No trace of the initial $1000 or 10+
    years of compound interest.
    (6) she refuses to even 'remember' the gift, let alone discuss what
    happened to it.  Eventually she admitted to remembering about it but
    then said that "whatever happened to it happened during the period
    before the divorce was final" so the matter is closed.
    
    By my rough calculation the initial $1000 should now, through the magic
    of compound interest, be between $2K and $3K for each child.  My
    daughter will be going to college next year and could certainly use the
    money, as could her brothers later on.
    
    By my way of thinking my EX has violated her "fiduciary
    responsibility".  I suspect that she drained the accounts to use for
    ??? (lawyers fees???).  I want my kids to get the money that they were
    given and that is rightfully theirs.
    
    Any suggestions on what to do?  I was leaning towards filing a Motion
    to make her account for the money, since I have to go to court with her
    anyway on Jan 12.  Has anyone experienced or heard of anything similar
    and what was done and what was the outcome?
    
    Thanks for your inputs.
    
    Steve
     

    
    If there was anything in the original orders about this or any
    other orders for that matter, then you may be able to request that 
    she be held in contempt.  If she was ordered to keep you current
    on the accounts and hasn't, then she is in contempt, but you'll have
    to prove it in court.   Otherwise, you can try going into court,
    but you're probably screwed.  Apparently there was nothing in
    the court orders that said that the money _had_ to go to education,
    and she had legal access to the accounts (for the benefit of the
    kids of course).

    For future reference (I know it probably doesn't do you much good now)
    during a divorce proceeding, I'd request that money like this be put
    into a trust fund until the children are a certain age or enter 
    college.

    fred();

    Thanks, Fred, for the reply.  About getting screwed -- she already did
    that to me.  What I'm concerned about is my kids.  I absolutely agree
    that it is something that should be specifically included in any
    agreement.  However, in the "heat of battle" some things,
    unfortunately, get forgotten.  Not until after my divorce was final did
    I start pushing to find out more about what had happened to my kids'
    money.  My big mistake, and I hope that others learn from it.  All I
    can do is try now.
    
    The lawyer that I had did advise me that I had a legal right to ask for
    an explanation and to get one since I have joint legal custody of the
    children.  This problem is right in line with all other (attempted)
    dealings with my ex.  She has refused any and all attempts to try to
    rationally discuss any issue.  It's unfortunate.  She also puts the
    kids in the middle.  Direct attacks I can deal with, but I hate to see
    what she has done and is doing to my kids. -- other issue, though --

    I know a man who set up a trust with $60,000 in it..... welp...
    The ex became the trustee to the account, she blew it and blew off the
    child support monies too. She then tried to attack the father thru DCYS
    and both found out that DCYS and the ex cannot collect for college
    education unless it is decreed in the final. And so his only daughter
    now has to wait on tables like the rest of us. I feel sorry for her,
    the daughter, and feel empithy with the father. And have a bitter taste
    in my mouth over DCYS for is Nazi approace toward this case and others.
    
    Peace