For many couples married for many decades, retirement savings represent the largest component of their assets. In the event of divorce, Illinois law makes it clear that the assets in a pension or another qualified retirement savings may be classified as marital property and subject to equitable distribution as part of the property settlement.
Classifying investments as retirement savings is often complicated. The courts will generally require a qualified domestic relations order (QDRO) that specifies the terms of the annuity or retirement savings that will be distributed to the parties, upon the future distribution date.
If you reside in Lake County or northwest Cook County in the Greater Chicago metropolitan area and are considering filing for divorce, make sure your attorney understands the financial details of retirement asset valuation and QDROs. Turn to Abrams & Ament, P.C., with offices in Buffalo Grove, Palatine and Waukegan.
Attorney Rickey Ament has focused his practice nearly entirely in the area of high-asset divorce in Illinois for more than 15 years. His experience includes valuation and equitable distribution of retirement savings such as:
- Pension annuities
- Classification of 401(k) assets as separate or marital property
- Individual retirement accounts
- Stock options and deferred compensation
- Business investments
- REITs and commercial real estate holdings
What Are Commingled Assets?
Not all division of retirement benefits is subject to equitable distribution under Illinois divorce laws. In many second marriages, each spouse may have a retirement nest egg saved up from years of working or from a previous marriage. If the assets are kept separate, they will not be subject to classification as marital property in the event of divorce. However, if the couple decides to commingle the assets as a joint investment, the principal and earnings may become subject to equitable distribution laws.
Hire A Lawyer You Can Trust With Your Financial Life
Call 847-991-6700 or send an email to arrange a free initial consultation with attorney Rickey Ament at one of our office locations nearest to you.