Child Support & Your 401(k)
http://www.childsupportweb.com
Does it sound reasonable for a parent to seek a downward modification of his/her child support obligation when he/she has substantial assets sitting a 401(k) account that are not considered in the child support calculation? What about the child’s right to financial support?
A party’s contribution into a 401(k) account and the income generated in a 401(k) are not used in the child support calculation as it is not considered available to the defendant over an extended period of time. The assets are not ordinarily accessible and the party withdrawing from the account would face an exorbinant tax burden for withdrawing money prior to retirement.
Forrestall v. Forrestall, 389 N.J.Super. 1, 910 A.2d 621 (2006).