When going through a divorce, dividing assets can be complicated. There may be retirement accounts, one or more homes, businesses, intellectual property, and more. But what happens to the college savings plan you started for your child years ago?
The answer depends on several things, including when the account was opened and who contributed to it. If you have questions about your child’s education funds during your divorce in 2026, a DuPage County divorce lawyer can help you understand your options.
Are College Savings Plans Considered Marital Property in Illinois?
The Education Data Initiative says that 35 percent of families have college savings funds. College savings accounts like 529 plans can be considered marital property, separate property, or a mix of both. In Illinois, courts follow “equitable distribution” when dividing property in a divorce. This means the court divides marital property fairly, but not always equally. Under 750 ILCS 5/503, this includes most assets acquired during the marriage.