St. Charles Retirement Assets Divorce Attorneys

Retirement Assets in Divorce Lawyers Serving Kane County

Depending on how long you have been in the workforce, your retirement assets may be among the most valuable property you own. Pensions, 401(k)s, IRAs, and other retirement plans can add up to hundreds of thousands if not millions of dollars. Regardless of whose name is on the retirement plan, they are almost always considered marital assets subject to division in a divorce.

At the Kane County divorce law firm of Goostree Law Group, we are experienced in handling these complex assets as part of divorce proceedings. We make sure our clients' financial interests are protected, whether the property division process is negotiated or litigated.

Division of Retirement Assets in Divorce in Kane County

Retirement assets are an important part of any financial portfolio. Along with real estate holdings, they often account for the bulk of a couple's marital net worth. There are two primary strategies for how to divide retirement assets when a marriage dissolves. These include:

1. Splitting the funds in the retirement account. Choosing this option requires carefully transferring assets from one retirement account bearing one spouse's name to an IRA in the other spouse's name. It must be done carefully so as to avoid incurring significant tax penalties. Workplace retirement accounts such as 401(k)s, 403(b)s, and traditional pension plans require a legal document called a qualified domestic relations order, commonly known as a QDRO, in order to transfer funds without tax consequences.
2. Allow retirement assets to remain in one spouse's name and compensate the other spouse with an equivalently valued asset or collection of assets. For example, one spouse might retain a 401(k), while the other spouse will retain the family home. In order to execute this option fairly, the retirement assets (and all other marital assets) must be properly valued so that both spouses will receives an equitable share of the marital estate. We work with experienced professionals to ensure the proper valuation of all marital assets, including pensions.

Our attorneys will work closely with you to understand your financial objectives in your divorce and to effectively advocate for those objectives. Safeguarding your financial future is one of our top priorities, and we will fight to make sure your rights and interests are protected now and into retirement.

Contact Our St. Charles Retirement Asset Division Lawyers

If you are contemplating divorce or already involved in divorce proceedings that will include dividing retirement assets, contact us at 630-584-4800 to schedule a free consultation. We will confidentially discuss the financial circumstances of your marriage and explain your legal rights during the divorce process. Our firm represents clients throughout Kane County and the surrounding areas of Northern Illinois.