Dividing Retirement Accounts in Divorce
Retirement accounts such as 401(k)s, IRAs and pensions are often one of a couple's most valuable assets. Because of their high value, disputes often arise as to their value and whether these accounts are separate or marital property.
Joseph M. Lucas & Associates, L.L.C., has more than 25 years of experience assisting couples in Illinois with the challenges of dividing retirement funds. We have a deep understanding of the issues that arise with these types of assets and will help ensure you receive a fair property settlement in your divorce. Contact us online to discuss your case with one of our experienced Barrington retirement accounts division attorneys.
Your Options for the Division of Retirement Accounts
In Illinois, any property that was acquired during marriage, including retirement funds, is considered marital property and must be divided equitably during a divorce. Our lawyers, working in tandem with financial experts, will assist you with the complex process of characterizing, valuing and properly dividing these accounts.
Retirement plans can be divided in several different ways, including:
- We can draft a document called a qualified domestic relations order (QDRO) to advise your retirement plan's administrator on how to divide the assets upon administration. We will work closely with your plan's administrator to ensure that we create an order that conforms with the plan.
- You may offset the community interest in a retirement account with other assets. For example, one spouse may be awarded the equity in a home to offset the value that he or she would have been entitled to in the retirement plan.
- You may cash out the retirement accounts and divide the assets; however, you will incur significant taxes and penalties.
We strive to help our clients find creative solutions to the division of retirement funds that eliminates the need for costly and time-consuming litigation. With more than 25 years of experience, we know how to help you achieve your property division goals.
Contact the Lake Zurich QDRO Attorneys of Joseph M. Lucas & Associates, L.L.C.
To learn more about how we can help you characterize, value and divide retirement accounts in divorce, contact us online or call 847-462-4974 or 866-936-5310.
