Investment & Retirement Accounts in Illinois Divorce
DuPage County and Kane County Divorce Lawyers Will Protect Your Rights to Retirement Assets
If you have significant marital assets invested in stocks, pensions and retirements accounts, dividing them during a divorce requires assistance from experienced attorneys and financial experts. You will be best served by a law firm with the knowledge and resources to determine who has rights to these types of complex assets.
Our asset division lawyers in DuPage County and Kendall County have considerable experience with high net-worth divorce and sophisticated assets. In addition, the firm works with financial advisers and tax experts, when necessary, to provide clients with the knowledge they need to make informed decisions.
Division of Investments and Retirement Accounts
When a couple divorces, all marital assets must be divided, including those held in:
- IRAs and 401(k) accounts
- Investments, stocks or bonds
Illinois divorce law mandates equitable distribution of all marital assets. This means that the court will attempt a distribution that it considers fair. In cases involving retirement accounts, the court will likely favor a distribution that allows both parties to maintain adequate resources for retirement. We will protect your rights to these assets, keeping in mind that retirement accounts may have a non-marital component and the tax consequences that would result from an early disbursement of a retirement account.
To avoid tax penalties for early disbursement of retirement funds, you can request that the court issue a Qualified Domestic Relations Order (QDRO). We can assist you with QDROs, as well as with the valuation of your retirement and investment accounts. This type of careful planning can result in a better divorce settlement for both spouses.
We understand that each couple's financial and tax circumstances are unique, so contact us to discuss your finances with an experienced attorney. To make an appointment, please call our attorneys experienced in the division of retirement accounts at 630-871-1002 or contact us online. We have offices in DuPage County and Kendall County.