What Happens To Retirement Assets In A Divorce?
One of the most overlooked assets in a divorce might be your retirement savings. While couples may fight over real estate and other property, retirement assets are also considered marital property and are subject to being split as well.
At Beermann Law Group, Ltd, we understand how important your retirement assets are to you and will fight for a fair division of those assets. Assets such as your IRA, pension and 401(k) are divided in a manner similar to your other assets, and our attorneys provide holistic representation that is designed to protect your interests during that process.
Illinois Is An Equitable Distribution State — But What Does That Mean?
Equitable distribution does not imply a 50-50 split. Equitable means fair, so the judge will divide these assets in a way deemed most fair. Asset division is dependent on how much each spouse contributed to the assets, as well as other factors such as the length of the marriage and the earning potential of each spouse. In the end, it may be close to a 50-50 split, or one spouse may receive a favorable division of the assets.
An entire retirement account may not be all up for grabs. Only marital assets are divided between spouses upon dissolution of marriage. In most cases, any retirement assets acquired before the marriage are awarded to the spouse who came into the marriage with the retirement account.
We Can Answer All Your Questions During A Free 30-Minute Consultation
Our lawyers are here to walk you through the entire process. We have helped Lake County couples resolve their family law disputes for decades and now offer our experienced counsel to you.