DIVISION OF RETIREMENT ACCOUNTS ATTORNEY IN SKOKIE, ILLINOIS
Trusted Legal Guidance on Dividing Retirement Accounts in Divorce
For years, perhaps for decades, you have dutifully saved money for your eventual retirement. When confronted by divorce, you are unsure of what, if any, steps you can take to protect your retirement assets. Fortunately, a skilled Illinois divorce attorney can guide you through the process and help you understand how your plans may be affected by the end of your marriage.
At The Law Offices of Van A. Schwab, we have decades of experience handling Illinois divorces. We represent individuals of high net worth, helping them secure their financial interests and maintain their lifestyles following the end of marriage. Retirement assets are a big part of that equation, and we take the steps necessary to preserve these assets to the greatest possible extent.
We are led by Chicago divorce lawyer Van A. Schwab, who brings nearly 40 years of family law experience to every case. Mr. Schwab is recognized in the profession for his legal success and commitment to client service.
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.