In this article, we’re going to discuss UGMA/UTMA accounts in a divorce and cover everything you need to know. What is UGMA/UTMA? The Uniform Gift to Minors Act (UGMA) and the Uniform Transfer to Minors Act (UTMA) are acts that permit trust accounts to be set up as vehicles to hold and protect assets for
Month: April 2019
How Will Divorce Affect a 529 Plan?
529 plans are named for Section 529 of the Internal Revenue Code, which authorizes investment accounts to be set up for future college expenses for minor children, which can grow and be disbursed tax-free. In some cases, a 529 plan can be even be used for school tuition and expenses for grades K-12. However they
Divorce with Children with Special Needs
Divorce with children is a difficult process to go through for anyone, but when one or more of those children have special needs, the process can be even more painful and challenging. The issues of custody, parenting time, child support and property division can be significantly more complex to negotiate when considering the special needs
Divorce and the Best Interests of the Child
When going through a divorce with children, it is important for the parties to keep the best interests of the child in mind because that’s the standard that the court is going to use to determine legal decision making authority and parenting time schedules. A.R.S. § 25-403 states: “The court shall determine custody…in accordance with the
