Retirement Savings, Pensions, 401k
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Uncontested Divorce With Children
Dividing Retirement
Lawyer for Pension and Retirement Asset Division
The financial aspects of a divorce can have many significant implications, including when it comes to the spouses’ future retirement plans. In fact, in many divorce cases, the couple’s retirement savings themselves must be divided equitably between the two spouses. The division of assets in a divorce is rarely simple, and dividing retirement accounts like IRAs, 401(k)s, and pensions can be especially complicated. In order to protect your retirement assets and your personal financial interests, it is important to work with an experienced divorce attorney.
At Reifman Law Offices, we have nearly 20 years of experience helping our clients divide complex assets, including retirement savings, as they work toward a divorce resolution. We can represent you in negotiations or litigation to secure the best possible outcome regarding your retirement assets. If necessary, we can also help you take the appropriate steps to divide a retirement account without suffering unnecessary losses.
Will I Have to Divide My Retirement Account?
According to Illinois law, contributions made to a retirement account before a person was married are considered to be non-marital property, and they are not subject to division in a divorce. However, when spouses have been married for many years and divorce later in life, it is likely that the majority of their retirement contributions will be from a time during their marriage. These contributions are likely to be considered marital property, which means the accounts could be divided during the divorce process.
Sometimes, the spouses in a divorce case will each have their own retirement plan of roughly equal value. In these cases, it may be possible for each spouse to retain their own account, preventing them from having to split up the assets within any given account. However, if most of the couple’s retirement savings are held under one spouse’s name—which is often the case if only one spouse worked—it may be necessary to divvy up the assets in the account.
Dividing Different Retirement Accounts
Because of the ways that different kinds of retirement plans are structured, there are different requirements for dividing the assets when it is necessary to do so for the purposes of a divorce. We can help you divide common types of retirement accounts, including:
- IRAs– In order to divide the assets in an IRA, you will need to ensure that your divorce resolution specifies how the assets are to be divided, and you will need to work with the account manager to request a transfer incident to divorce. This process works with both traditional and Roth IRAs, and the assets can be rolled over from one spouse’s account to an account of the same type belonging to the other spouse.
- 401(k)s– In order to divide the assets in an employer-sponsored retirement plan like a 401(k), you will need to work with the account manager to obtain a Qualified Domestic Relations Order (QDRO). This allows a portion of the assets to be transferred from the employee to their former spouse.
- Pensions – A QDRO is also necessary to divide the assets in an employee pension plan. The QDRO will direct how the payouts should be allocated between the employee and their former spouse once the employee becomes eligible.
Taking the proper steps to divide a retirement plan is crucial in order to avoid early withdrawal penalties and triggering excessive income taxes at an inopportune time. We can help you work with your retirement plan manager and other financial professionals to divide your retirement assets appropriately.
Contact an Arlington Heights Retirement Asset Division Attorney
We know that it is important for you to resolve your divorce without compromising your retirement goals, and we can work with you to make this possible. For a free consultation regarding your divorce and the assets that may be affected, contact us today at 847-229-8433. We represent clients in Arlington Heights, Palatine, Schaumburg, Hoffman Estates, Barrington, West Dundee, Streamwood, Rolling Meadows, Elk Grove Village, and the surrounding areas.
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What Our Clients say about us
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