What should I do about my childs savings accounts?

Looking for advice if anyones experienced this. Both my young children have bank accounts with both my ex husband and I on the account with them. 90% of the money in there has come from my family (with records to prove it.) My ex husband is since remarried. Do I have a leg to stand on with asking him to essentially start a new account he takes the %10 that’s his (from his family) and I take the 90% and open separate accounts with the children’s names and me on the account only? My worry is if something were to happen to him I don’t want their savings being compromised.


Help a mama out and respond anonymously on our forum. What should I do about my childs savings accounts?

Just take out what your family put in and put it in a new account :woman_shrugging:t3: leave the money his family put in the old account.


You can speak to a banker and he will recommend something like a CD or child’s savings account (custodial account) The account would belong to the child and child can use it at 18. CD would be best. You choose the amount of time you want it kept in there and no one can touch it until maturity date. If you know your share, discuss it with your husband and do what’s necessary for your kid best interests


It should not matter who gave the money to your child. If this is a savings that cannot be accessed until your child is of age, it doesn’t matter


Name beneficiaries and contingent beneficiaries to avoid any confusion. That will make it very clear who the assets are to go to should one of you pass. Depending on the dynamics, asking to open new accounts with you taking 90% may open a bigger can of worms than it’s worth. :woman_shrugging:

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If it’s a joint account, you can do whatever you want with the money. In order to remove him from the account, you both need to sign a form. I’d make sure it’s in an UTMA account. Interest accrued is not reportable.

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Your fine, only the names on the account can access. That should of been pre determined. But ask him if they will continue to contribute or if he would like to start a separate account.

If you both are on the account, I would withdraw the money you and your family put in and just start a new one save on the drama


If you are both for sure on the account either one of you can withdraw funds. If it’s an utma account those accounts only have one custodian.

Just start a new one. So no drama

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So you are fighting over a child’s bank savings, and who’s family pitched in more? Grow up lol
That money is for your child to take out, not you, not your ex. Your child. Otherwise, why set it up…


If your name is on the account, withdraw all the funds and make a new account without his name on it. That simple.

A few things I know from expirence.

  1. Anything in the child’s name actually belongs to both legal parents wether their name is in it or not. I had savings bonds for my God-daughter. Her mom stole them & cashed them. I asked the bank I got them from. They told me since they had her name on them the parent could cash them without my permission even though my name was on them & mom’s name wasn’t. When my ex got custody of his son I tried to get food stamps. I wasn’t allowed because his maternal grandparents had a savings account for him. We were told we had to deplete that account we knew nothing about & had nothing to do with first. (yet somehow his mom had SNAP when she had custody so I don’t get it.)

  2. my dad had a bank account for me. Only his & my names were on it. When he passed everything with his name on it went to her. She withdrew every penny. My mom got proof from the bank of how much was in it & when it was withdrawn. She sued my step-mother & won. All the money was put into an account that only I could withdrawal from on or after my 18th bday. You can do that. Ask the bank.


Laws pertaining to assets vary by state. Reach out to an attorney and ask. There are a ton that offer free consultations.

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EAP may get you a free consultation

But why if its the kids money, which only the kids will benefit from. People need to grow the fluff up.

Why not just move your 90% to a new account?

I would just make the account so that both of you have to sign for a certain amount to be withdrawn. For example, more than 100$ and you both have to sign. This way, both parents are on the kids savings and this account can be transferred to the kids once they are old enough. No sense having 2 accounts.

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Just go take his name off the account