We investigate the convergence properties of the cluster expansion of equaltime Green functions in scalar theories with quartic self-coupling in (0 + 1), (1 + 1), and (2 + 1) space-time dimensions. The computations are carried out within the equal-time correlation dynamics approach, which consists in a closed set of coupled equations of motion for connected Green functions as obtained by a truncation of the BBGKY hierarchy. We find that the cluster expansion shows good convergence as long as the system is in a localized state (single phase configuration) and that it breaks down in a non-localized state (two phase configuration), as one would naively expect. Furthermore, in the case of dynamical calculations with a time dependent Hamiltonian for the evaluation of the effective potential we find two timescales determining the adiabaticity of the propagation; these are the time required for adiabaticity in the single phase region and the time required for tunneling into the non-localized lowest energy state in the two phase region. Our calculations show a good convergence for the effective potentials in (1 + 1) and (2 + 1) space-time dimensions since tunneling is suppressed in higher space-time dimensions.