How Are Retirement Assets Divided in An Illinois Divorce?
Illinois property division is based on the law of equitable distribution. Equitable does not necessarily mean each spouse is entitled to an equal portion of retirement assets or any other assets, for that matter. Rather, the amount to which a spouse is entitled depends on many factors, including the length of the marriage, the ages of each spouse, and the earning capacities of each party.
Retirement assets you acquired before marriage are not subject to division. Only the property acquired while you were married will be divided.
Handling The Division Of All Types Of Retirement Assets In Illinois Divorce
Working with tax experts, accountants, and other professionals, our Chicago retirement account division lawyers are capable of handling even the most complex portfolios, including:
- 401(k) accounts
- IRA accounts (Roth or traditional IRAs)
- Corporate pensions
- Stocks and bonds
- Stock options
- Deferred compensation plans
- Thrift savings plans
Many retirement plans will not allow funds to be distributed in a divorce unless a qualified domestic relations order (QDRO) is on file. QDROs are extremely technical documents filled with critical details. Serious tax consequences and possibly other penalties can result if a QDRO is not completely accurate. In many high-asset divorce cases, we consult with QDRO specialists to ensure that our clients’ accounts receive the right treatment.
Answering Your Questions About Retirement Accounts And Divorce
Make sure your retirement assets are treated the right way during the Illinois divorce process. Set up a consultation with Chicago attorney Van A. Schwab by calling. You can also contact our Cook County divorce law firm online.