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Cases of Interest: Accounts
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ARKANSAS: Bishop v. Bishop, ___ Ark. App. ___, 961 S.W.2d 770 (1998).
The husband made a valid gift to the son of a certificate of deposit, so the account was not marital property. Parents frequently establish accounts for their children and then fight over the classification of the money when their marriage ends. Williams v. Williams and Bishop v. Bishop both support the view that an account in the name of a child is not marital property.
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MAINE: Williams v. Williams, 706 A.2d 1038 (Me. 1998).
Funds in a savings account in the name of the parties' minor child could not be classified as marital property.
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MISSOURI: Weiss v. Weiss, 954 S.W.2d 456 (Mo. Ct. App. 1997).
Bank accounts established with marital funds and held by divorcing spouses in custody for children are marital property absent evidence that the accounts were established as custodial accounts under the Uniform Gift to Minors Act.
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