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Spell out every detail in retirement division

Many American couples are divorcing at a later age, and as so usually come to the table with substantial retirement accounts and other assets that may be subject to division. For an individual that has worked hard their whole life to secure adequate retirement and pensions, thinking about splitting them with their soon-to-be ex may be an unbearable thought.

While it is true that everything you've acquired during your marriage or with marital funds is considered marital property, it does not always mean you have to split it down the middle. When it comes to retirement accounts, pensions and IRA's, knowing how to handle them in a divorce is a critical step in your financial future.  Finding a skilled divorce attorney with knowledge of the tax implications of dividing retirement accounts is crucial.

Depending on the source of the funds, federal or state regulations may dictate how they must be divided and will likely require you to have a Qualified Domestic Relations Order in place to do so. This order lets the plan administrator know how to disperse your ex's share. While these steps may seem complex, they are a piece of cake compared to how pension plans are divided.

Knowing your rights and requirements when it comes to dividing retirement accounts may save you time and money. Having a trusted divorce attorney to assist you is one way of protecting your interests and accounts. If you are faced with divorce and are concerned with how the division of assets may impact your retirement, speaking to an attorney with high asset divorce experience may help.

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Goddard & Malmquist

Goddard & Malmquist
1250 South Grove Avenue
Suite 101
Barrington, IL 60010

Phone: 847-382-3995
Fax: 847-382-4038
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