Legal Question in Family Law in New Jersey
divorce
Can my wife take share of my 401k plan?
3 Answers from Attorneys
Re: divorce
Depends on a few factors, but yes, she can. With a large number of my cases that I handle, my clients can avoid that issue. If you want to discuss your case in more detail, feel free to call me.
Re: divorce
In a divorce, in New Jersey, equitable distribution generally means that all marital assets are distributed to the parties on a 50/50 basis. Marital assets are whatever is acquired during the marriage which is not received as a gift or inheritance. Gifts and inheritance are not marital assets.
It does not necessarily mean that you wife will get half of your pension. What it means is that she gets a portion of your pension, possibly from
the sale of your house. Additionally, pensions often are shared on something other than a fifty-fifty basis, for various reasons.
Call me if you like.
Gary Moore, Esquire
Hackensack, New Jersey
www.garymooreattorneyatlaw.com
Re: divorce
Yes, in a divorce the husband's assets and wife's assets get split up by the Judge, and this includes 401K plans. This is called 'equitable distribution'.
However, there are LOTS of factors that apply, and any attorney would need to interview you in detail to guide you on this topic.
Among other things, the 401K plan might not be entirely subject to equitable distribution, or might possibly not be subject to distribution at all.
I am very troubled that you would need to ask this question on an internet bulletin board. It seems that either you do not have a divorce attorney, which is very very dangerous for you, or your lawyer is not answering questions, and that means you need a new lawyer.
Let me give you a short bit of information: You really need to sit down with an attorney and get some guidance. The decisions you make now will have a profound, serious and long lasting effect upon you and your children.
Some thoughts (and these are only general statements, NOT intended to guide your decisions):
You are in the beginning or middle of a divorce.
You have a job. You may have a house. you may have savings, pension, credit card bills, and other things to deal with.
Your spouse may have a job.
You may have a child (children), and child support and college tuition needs to be paid. That is measured in tens of thousand of dollars.
Nothing that an attorney can say over this bulletin board can come close to helping you solve your problems. Careless actions by you will likely cost you thousands of dollars, make your life more difficult, and possibly cause additional harm to the child (children).
Hire an attorney. Go to an experienced divorce attorney located reasonably near you, and pay the attorney to review your situation carefully with you, and give you some guidance.
If you would like, give me a call; I am in northern New Jersey. I will be happy to discuss this with you; the telephone consultation will be free.
My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.
Disclaimer: Your question and any response does NOT create an attorney-client relationship between you and this law firm. You can not rely on the statements made by an attorney given over the internet. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.