Legal Question in Family Law in California

My wife and I have separated and are getting a divorce. My parents have put away almost $60,000 for each of our children to go to College. Neither my wife or I have contributed anything to this fund. Additionally, her parents have not (nor could they) put anything away for our kids. Does this figure into community property? Does this figure into future contributions we could and should make for our children's college education. My soon to be ex and I are both teacher, have similar income and similar expenses. We are seeking a mediated divorce and so far have agreed on 99% of the distribution of our assets and debts. This one issue is one we haven't discussed. We had both assumed that the money put away belonged to our children, not us, and is not considered part of our community property.

Asked on 12/10/14, 7:38 am

Arlene Kock Law Offices of Arlene D. Kock APLC

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If this was a gift of money for your children, then the funds belong to and should be protected and preserved for your children.

Answered on 12/10/14, 8:04 am

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