I was adopted by my stepfather at 5 years old. He and my mom divorced when I was 9, and I haven’t seen him since I was 13. When I tried to access my 529 account today, I discovered he transferred it to his son with his current wife in 2022. The divorce decree declares the 529 is intended for me. He says he will pay me the amount declared in the divorce decree, but the account has been accruing interest from 2013 to 2022. He owes me that money. What is the likelihood I could get him to pay back the full amount expected if I were to hire a lawyer?
Talk to a lawyer. There’s a case here, but a lawyer needs to read the exact wording of the divorce decree. He may owe you what he took out in 2022 plus whatever would have accrued since then.
The specific wording in the divorce decree will matter. Did it say that it was required to go to you?
Checking with a lawyer sounds like a good idea. Money in a 529 account is owned by the account owner, not the beneficiary. He doesn’t necessarily ‘owe’ you anything.
You may be the recipient, but you aren’t a party to their divorce. Your mom would have to file that he’s in contempt of the agreement.
Are you wanting him to put the money back in a 529 for you to use towards your education expenses?