Proper Division Of Retirement Accounts Is Not A Simple Matter
Our Legal Team Brings Seven Combined Decades Of Experience To This Process
Many people’s retirement accounts are among their largest assets. If you are going through a divorce, your spouse may be entitled to a portion of these accounts. It is important to retain a lawyer who can help you protect the savings you have worked so hard to build.
We are experienced lawyers, based in Barrington and Chicago, Illinois, and serving clients throughout the greater Chicago area. We have 75 combined years of legal experience and the requisite experience to address your concerns about what will happen to your retirement savings or pension benefits after your divorce. We work diligently to protect your interests.
Addressing Your Concerns About Retirement Savings And Divorce
When considering the financial consequences of divorce, many people focus on what will happen to the family home and give secondary attention to their retirement savings. Once the topic of retirement accounts arises, clients typically have two major questions:
- Why should my spouse get part of my retirement savings? The portion of retirement accounts acquired during your marriage is considered a marital asset. Your retirement savings accounts are subject to division just as are all your other marital assets are.
- Will I have to pay taxes on any money taken out? If your tax-deferred retirement accounts are properly divided through a qualified domestic relations order (QDRO) or a qualified Illinois domestic relations order (QILDRO), then you will not incur tax liability or penalties for a transfer of these assets pursuant to a Judgment for Dissolution of Marriage.
When retirement account division is not done properly, it can cause substantial problems. We are experienced at guiding clients through the pension, individual retirement account (IRA) and 401(k) division process.
Ready To Protect Your Rights Regarding Division Of Retirement Assets
Whether you are concerned about what will happen to your retirement savings or whether you are entitled to a portion of your spouse’s retirement savings in your divorce case, we encourage you to contact Greenwich Law Group, LLC, at 847-382-3995 (Barrington) or 312-558-9700 (Chicago), or send us an email to schedule a consultation.