Retirement Accounts In Divorce
For many men and women facing divorce today, savings in 401(k) plans are major assets of great concern. If one or both spouses have worked in the public sector or served in the military during a long-term marriage, pension benefits may also be a key issue.
Generally speaking, contributions and accruals in retirement accounts throughout the duration of a marriage are considered marital property subject to equitable division. Simply stated, it does not matter that such accounts are in one spouse’s name and were built up solely through his or her earnings. This comes as a relief or unpleasant surprise to many clients we represent at Self & Russelburg, LTD., a family law firm with offices in Yorkville and Aurora.
A Comprehensive Approach To Protecting Our Clients’ Financial Interests
Our experienced lawyers have a thorough understanding of the Illinois laws governing allocation of property and complex assets. We can recommend accountants and other professionals who may be instrumental in the analysis and presentation of your case. Important considerations include:
- It may be necessary to quantify and document contributions made prior to your marriage, as these funds are often nonmarital property.
- Obtaining an order for division of retirement accounts in divorce is not the final step in the process. Ensuring that you actually receive your rightful share typically requires the proper preparation and filing of qualified domestic relations orders (QDROs).
- The overall property settlement you obtain can be influenced by many factors. Our attorneys’ diligent and resourceful approach to negotiations may prove vital to help you protect your security and future well-being.
If you are concerned about division of 401(k) plans in divorce, your rights involving a government pension, or other financial issues, our law firm is a proven resource. We welcome client inquiries and referrals from throughout Kendall County, Kane County and all surrounding communities. Call 630-553-4567 or 630-897-5553 to schedule a consultation at a time that works for you.