Legal Question in Family Law in New Jersey
Division of Property
Family home and possessions worth about $135,000. My 401k plan is worth about $78,000. In equitable distribution, would one offset the other, or would we divide the plan and the home separately?
3 Answers from Attorneys
Re: Division of Property
As equitable distribution can get creative, there is no reason why you could not offset the 401K from the equity in the marital home. If you have any further questions, you may contact my office at 732-246-0909.
Re: Division of Property
The home and pensions have to be appraised. In fact, as a result of the various tax consequences, in some cases the pension could be worth more than the home. I suggest you consult an attorney.
Please feel fre to contact me if I can be if help.
Daniel Clement
Re: Division of Property
In NJ you can adjust assets so the bottom line is equal without splitting everything in half. It would be best for you to talk to an attorney directly to best protect yourself. If you mention Law Guru, the first consultation is free.
Good Luck.
Bernard J. Berkowitz
973-808-2003
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