Division Of Retirement Accounts In The Greater Chicago Area

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, so 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, Illinois, and serving clients throughout the greater Chicago area. We have almost 60 years of combined 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 can diligently 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 my retirement savings? The portion of retirement accounts acquired during your marriage is considered a marital asset. Your retirement savings are subject to division, as is the case with all of your other marital assets.
  • 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), you will not incur tax liability or penalties.

When retirement account division is not done properly, it can cause substantial problems. We are experienced at guiding clients through the pension, IRA and 401(k) division process and will prepare QDROs in-house if appropriate.

Contact An Experienced Illinois Asset Division Attorney Today

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 Goddard & Malmquist at 847-382-3995, or send us an email to schedule a consultation.