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Naperville Divorce Attorneys for Division of Retirement Accounts

Aurora Illinois IRA, 401k, and Pension Division Attorneys

Attorneys in DuPage County for the Division of Pensions, IRAs, and 401(k) Accounts

At Goostree Law Group, we understand that a divorce can wreak havoc on your plans for the future. This is especially true of your retirement plans. In most cases, retirement savings, investments, and even vested pension plans are considered—at least in part—to be marital property, regardless of which spouse's name is on the account. This means that such savings and/or benefits are subject to being divided during a divorce. Our lawyers are equipped to help you maintain your financial security by properly managing your retirement assets throughout the divorce process.

Retirement Plans and Pensions

For the purposes of a divorce, any portion of a spouse's retirement savings—including 401(k) plans and individual retirement accounts—or pension benefits that were earned during the marriage are generally considered to be part of the marital estate. Contributions made prior to the marriage are considered non-marital property.

At Goostree Law Group, our attorneys recognize that determining the value of a pension or retirement plan can be complicated, especially when trying to figure out how much was earned before the marriage and how much was earned during the marriage. We maintain a large network of trusted financial professionals who are trained to evaluate retirement investments accurately and fairly. Different methods may be required depending on the type of plan, as well as the age and retirement status of each spouse. Our experts are also equipped to testify in court in support of their findings.

We will help you fully understand your options for dividing retirement savings and work with you in protecting your long-term best interests. In some cases, you may be able to keep the entirety of your retirement savings, but your spouse will likely claim a larger share of the remaining marital property in return. In other cases, it may serve you best to divide your retirement assets so that each spouse may claim an equitable share.

Wheaton Lawyers for QDROs

Most 401(k) plans, IRAs, and pensions can be divided as the result of a divorce, but a special type of court order called a Qualified Domestic Relations Order (QDRO) is often required. A QDRO must be drafted to reflect the court's judgment or the couple's settlement agreement and presented to the administrator of the retirement plan. The QDRO provides the instructions and legal permissions necessary for the Plan Administrator to divide the plan's funds between the spouses in accordance with the terms of the divorce. If a QDRO is not drafted carefully, a seemingly small mistake could lead to the loss of many thousands of dollars to which you would have been otherwise entitled. Our lawyers will ensure the QDRO matches your divorce judgment exactly so that you are fully protected.

At Goostree Law Group, we can also help you as you claim the portion of the retirement savings intended for you in your divorce. A QDRO provides the instructions and legal permissions necessary for the Plan Administrator to divide the plan's funds between the spouses in accordance with the terms of the divorce settlement or judgment. Implementing a QDRO, however, can be a complex process that involves setting up new accounts, rolling over funds, and changing beneficiaries. We understand how QDROs work with both 401(k)s and pension plans, and you can depend on us to advocate on your behalf throughout the process. We will make sure that you have access to your retirement savings when you need them.

Schedule a Free Consultation Today

If you are involved in a divorce that includes substantial retirement assets, contact our office for help. Call our Naperville office at 630-364-4046 for a free consultation with a member of our team today. We represent clients in Naperville, Wheaton, Aurora, Downers Grove, Lisle, Warrenville, Woodridge, and throughout DuPage County.

Disclaimer: Goostree Law Group uses an outside QDRO consultant to assist in the preparation of QDRO documents.

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