Fiduciary/life insurance for minors
After a long battle, i got $46,000 from life insurance of my x-spouse for our two minor children.(10 &13)Court asked me to file inventory yeary to show that i was not spending this money. I did spend $26,000 to pay off the credit cards and home tax. (Everything on the credit card was spent either for children's sports, health bills or lawyer bills, nothing personal for me) I can put that money back when they are 18 because i have enough equity in the house but right now i don't have the money.It did not make any sense to me to pay 29% interest on the cards and struggle that i know i can put that money back when they are 18.
Can they put me in jail or what would happen to me at this point?
Re: Fiduciary/life insurance for minors
I have never seen a judge put anyone in jail on the facts you present. However, taking the money was not a good idea without prior approval of the court. Perhaps you should consider giving a mortgage on the house to protect the childrens' equity position? I do think that you should consider hiring an attorney as this can get quite messy in court.
This is a general response to your question and your particular facts require firther analysis. Do not take my response as the only way to approach this situation.
Re: Fiduciary/life insurance for minors
I have never seen a judge put anyone in jail on the facts you present. However, taking the money was not a good idea without prior approval of the court. Perhaps you should consider giving a mortgage on the house to protect the childrens' equity position? I do think that you should consider hiring an attorney as this can get quite messy in court.
This is a general response to your question and your particular facts require firther analysis. Do not take my response as the only way to approach this situation.
