Child support and 401k's/College funds

[Zchez718]

Are college funds and 401k's taken into consideration when child support is being calculated?

 

[Michael Wechsler]

Are college funds and 401k's taken into consideration when child support is being calculated?

What do you mean "college funds"? With respect to 401k contributions by an employer, my understanding is that those are not calculated as part of income for the purpose of child support, at least not in New Jersey or New York. There are a number of reasons for this, including the fact that it is not yet immediate "income" to the employee. I'm not an expert in employment law but this has always been my understanding.

 

[Zchez718]

I have a NY 529 plan that allows me to pay for my daughters college tuition ahead of time

 

[Michael Wechsler]

That plan is not income if I understand it correctly. That money is paid out of your income. It's a savings plan that can be used at the time when the child is ready for college and from my understanding that contribution could be considered as yours towards support requirements. Are you talking about whether it satisfies current requirements? I would say no since it can't be used to satisfy current obligations.

 

[Zchez718]

I'm just trying to figure out what the figure is gonna be so I can adjust my investments