DW Raided Daugher's Savings Account

[Anonymous]

DW is custodian of a UTMA set up FBO of my daughter. Recently, she took money out of it to pay off her credit card bills and is now talking about taking money out to "invest." Can she do this? If not, what are my options to change her as custodian if she breaches her fiduciary responsibility?

[Anonymous]

I think you might have better luck finding informative replies in the Money and Finance forum.

[Anonymous]

Get a lawyer and file a lawsuit on behalf of your daughter.

[Anonymous]

Hmm this is a problem. UTMA's are governed by state law. Custodians can only make decisions for the account that serve the minor's interest. If she was investing the money on behalf of your daughter, in a sensible way, that would be okay.
It doesn't sound like that is the case.
I think you will have to make sure she is removed as custodian. You are going to have to take this problem step by step and work it through.

[Anonymous]

Anonymous wrote:Hmm this is a problem. UTMA's are governed by state law. Custodians can only make decisions for the account that serve the minor's interest. If she was investing the money on behalf of your daughter, in a sensible way, that would be okay.
It doesn't sound like that is the case.
I think you will have to make sure she is removed as custodian. You are going to have to take this problem step by step and work it through.

This. If she paid of her own credit card bills - nope, not okay. If she paid of your daughters credit card bills - doubtful decision, but okay. If she wants to invest for your daughter - okay. If she wants to invest for herself - not okay. Get a lawyer.

[Anonymous]

As a 16/17 year old my parents took out around 6k from my savings that I was saving from working. Please find a way to stop this from happening again for your daughter. I was never given the money back as they needed it for the mortgage and credit cards.

[Anonymous]

Why is your wife taking money from your child's accounts and not your joint accounts to pay "her" credit card bills? You're married with kids, enough with this yours/mine BS.

You have to have money talks with your spouse and come up with spending and savings plans. With the facts you've presented here, she should never have touched your child's money, but I'm sure I'm not hearing the whole story.

[Anonymous]

Anonymous wrote:Why is your wife taking money from your child's accounts and not your joint accounts to pay "her" credit card bills? You're married with kids, enough with this yours/mine BS.

You have to have money talks with your spouse and come up with spending and savings plans. With the facts you've presented here, she should never have touched your child's money, but I'm sure I'm not hearing the whole story.

You aren't. This is the dude who hates his wife and they constantly stick their teen daughter in the middle of their drama.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why is your wife taking money from your child's accounts and not your joint accounts to pay "her" credit card bills? You're married with kids, enough with this yours/mine BS.

You have to have money talks with your spouse and come up with spending and savings plans. With the facts you've presented here, she should never have touched your child's money, but I'm sure I'm not hearing the whole story.

You aren't. This is the dude who hates his wife and they constantly stick their teen daughter in the middle of their drama.

Yes, he pops up here every so often. Like Capitol Hill stay at home dad looking for a fling.

[Anonymous]

Anonymous wrote:Why is your wife taking money from your child's accounts and not your joint accounts to pay "her" credit card bills? You're married with kids, enough with this yours/mine BS.

You have to have money talks with your spouse and come up with spending and savings plans. With the facts you've presented here, she should never have touched your child's money, but I'm sure I'm not hearing the whole story.

Assuming it's not Guy With Teen Daughter That Hates His Wife ...

I fail to see why a strict division division of family finances would somehow lead an otherwise innocent wife to start using her kids' accounts to pay off her credit card debts.

[Anonymous]

Not only not ok. Actually illegal

[Anonymous]

Maybe she bought stuff for her daughter on the credit card cause ops child support amount sucked

[Anonymous]

At this point I think the "DW" is doing whatever she can to her husband to divorce her. These two are constant with the dramz. I'm starting to think they get off on it.