What to Know About Your Retirement Accounts During a Divorce in DuPage County
Posted on October 25, 2022 in Marital Property
You put a lot of effort into earning your money and carefully planned for your future, including retirement. Unfortunately, a divorce can derail such goals. Knowing how your divorce may impact your retirement accounts is the first step in safeguarding them.
The experienced attorneys at Andrew Cores Family Law Group will assist you in getting your future back on track while safeguarding your retirement accounts and settling difficult issues with your spouse.
Dividing Retirement Accounts
According to Illinois law, the percentage of your retirement and investment accounts that you accumulated during marriage may be split between spouses in a divorce, including:
If one spouse had money in a retirement account before getting married, that money is regarded as separate property. Even if only one spouse made contributions to the account, any money that was added after the marriage is typically regarded as marital property.
How to Value Retirement Accounts During a Divorce
It is crucial to have an experienced Dupage County divorce lawyer on your side who can consult with several financial specialists to arrive at an appropriate assessment of your retirement accounts when appraising them. While determining the value of a defined contribution plan, like a 401(k), may be simple, doing so for other accounts, such pensions and annuities, may call for more in-depth research and calculations.
Equitable Distribution of Retirement Accounts
All marital assets must be distributed fairly under Illinois divorce law. This indicates that the court will make an effort to distribute the assets in a fair manner. The court would probably prefer a distribution in situations involving retirement savings if it enables both parties to keep enough money for retirement. We will defend your rights to these assets while taking into account the potential non-marital component of retirement funds and the potential tax repercussions of an early distribution from a retirement plan.
Contact a Dupage County Divorce Lawyer
If you are going through a divorce and you are concerned about your retirements accounts, you need a Wheaton divorce attorney who will help you determine what assets and how much of them you are able to retain Call Andrew Cores Family Law Group at 630-871-1002 to schedule your free consultation to learn how we can protect your rights and your retirement.
Source:
http://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm
