FINANCIAL ISSUES - MARITAL PROPERTY V. SEPARATE PROPERTY
After 20 years we have agreed to get a divorce in NJ. The Judgment states that we will split our marital assets 50/50, including 401K's, Pensions, and IRA's. The pensions are being divided via QDRO and the date for this division was determined to be April 25, 2011 which is the date my wife first filed for divorce. My 401k balance as of that date was $66,000. In November 2011, the balance increased to $88,000.Answer:
Here is my question: Which “balance” of my 401K will be used when divided it 50-50. The $66k balance as of April 25, 2011 (when my wife filed for divorce and when we agreed our Pensions are to be divided) or the current balance of $88K, the increase of which occurred in November 2011?
I have not read the Judgment or Order of the Court , nor have I seen any additional Separation Agreement or Stipulation
You may have entered into which may clarify this issue, but based purely on what you have written in your letter , it seems that
Just like the date of the pension was determined to be as of April 2011 so also the 401K and IRA should be as of April.
This certainly should be your position.
Leonard Weiner, Esq./Divorce Solutions