Legal Question in Family Law in New Jersey

Funds for College

Since my wife has taken money from her 401K plan without my consent and have incurred debt, I decided to put moneys for my daughter's college in a brokerage account under my brother's name. My brother is the sole owner of this account. I am in the process of filing for a divorce and on my CIS I have listed these moneys and clearly stated them as ''exemp'' as assets.

My question is (1) Since this is clearly for my daughter's college will my wife's attorney be able to have these moneys listed as assets? and (2)If only 90% of these moneys are used for my daughter's college over the 4 year period will my wife (soon to be ex) be entitled to share in the remaining 10%.


Asked on 3/28/02, 7:46 am

1 Answer from Attorneys
Robert Gleaner Robert A. Gleaner, P.C.

Re: Funds for College

The money you put in your brother's name is not necessarily "exempt" if you took it from marital assets. On the other hand, if your wife took some actions that created debt for you, you may be entitled to a credit in the overall context of equitable distribution. However, I cannot give a more definitive answer without more facts. Keep in mind that this advice is based purely on the little bit of information that you have given to me. There certainly may be other factors that would change my opinion. Further, no one can rely on advice from an attorney who has not been retained. Since it appears that you have not retained an attorney, you may want to contact an attorney (either me or someone else) to discuss your matter in more detail. Only then will you be able to rely on the advice. I will be happy to assist you. However, you need to call me at 856-546-8010. Good luck! Rob Gleaner

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Answered on 3/28/02, 8:23 am


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