Division of Investments, Pensions, and Retirement Savings in Schaumburg, IL
The division of marital property is one of the issues that must be resolved in a divorce. Marital property is property that is obtained during the marriage, with some exceptions, and it typically includes homes, cars, bank accounts, and other possessions. Other assets such as retirement savings and pensions and investments may also be considered marital property. Determining how to split these assets can get a bit complicated.
At Allen Gabe Law, P.C., our divorce attorneys can provide representation through divorce proceedings in Schaumburg, IL and help you resolve issues such as the division of investments, pensions, and retirement savings. Our divorce attorneys will work diligently to present your case for your share of these assets and help ensure a favorable outcome.
Equitable Division of Assets
Illinois is an equitable distribution state which means that marital property, including retirement savings and investments, is divided in a way that the court deems equitable. The assets may not be split 50/50 unless the terms of an account include an even split. One spouse may also offer the other marital property in exchange for keeping more than 50 percent of a retirement account.
Determining what part of an investment or retirement account should be divided can get complicated as only contributions made during a marriage are considered marital property. For example, if one spouse paid into a retirement account for 40 years and was married for the last ten of those years, then 25 percent of the retirement account is considered marital property. The other spouse is then entitled to half of that 25 percent. Contributions made to an investment or retirement account prior to the marriage and contributions received by a spouse as an inheritance or gift are not considered marital property.
Evaluating the Value of the Assets
Before investments and retirement funds can be divided, the actual value of these assets must be determined. You may need to work with an accountant, financial appraiser, or pension valuator to evaluate your investment and retirement accounts and determine their true value. Contribution plan accounts such as IRA, 401(k), and 403(k) accounts can have a definitive value assigned to them while pension plans are more difficult to valuate because pensions do not reach their full value until the account holder retires.
Our attorneys at Allen Gabe Law, P.C. will help you retain the financial experts you need to valuate your accounts and help fight for your fair share. We will build and present your case for the portion of these assets that you deserve. The portion you do receive will be divided and distributed through a Qualified Domestic Relations Order (QDRO) that you can withdraw from without incurring taxes or penalties.
Protect Your Assets with Allen Gabe Law, P.C.
If you are going through a divorce and there are assets such as investments and retirement accounts included in the marital property, our divorce attorneys at Allen Gabe Law, P.C. can help. We will represent you to ensure that you get your fair share of these assets.
You can reach us at (847) 241-5000, Ext 121 to learn more.
Related Services and Resources:
Alimony and Spousal Maintenance
The Divorce Process
High Asset Divorce
Post Decree Judgment Enforcement
Tax Implications of Divorce