Retirement accounts can be the subject of contentious disputes during divorce. Along with homes cars and other property, this type of asset is included in the property division. In simple cases, spouses agree to keep their own retirement benefits or can reach a division agreement. Sometimes, splitting retirement benefits has led to dramatic courtroom battles.
At Ronald L. Bell & Associates P. C., we can help you whether through effective negotiation or litigation. We communicate with our clients to develop an understanding of their needs and their objectives. If protecting retirement accounts is the priority, we can help clients pursue that end. We represent clients in and around Libertyville and throughout northern Illinois.
Understanding How Retirement Accounts Are Divided
As working individuals, many people assume that their retirement account money belongs to them solely. Illinois laws, however, treat retirement accounts the same as other property in analyzing division issues. Specifically, the analysis centers on classifying retirement accounts as nonmarital or marital property.
For example, if the retirement accounts were acquired prior to the marriage, they will be treated as nonmarital accounts and usually distributed to the owner. If it is determined that any part of the retirement accounts was acquired during the marriage, it will be equitably distributed as other assets are.
Determining the nature of retirement accounts can be complex and requires the assistance of a qualified family law attorney. With decades of experience handling divorce and property division issues for Illinois clients, we are able to protect your interests in both the short and long term.
The Importance Of Pension Plan Valuations
In addition, we will make sure you understand the full value of all retirement benefits involved. We thoroughly investigate these assets so that our clients know exactly what they have and what their spouse has.
Consultation With an Experienced Attorney — Call Today
We offer strategy sessions to meet your needs. Schedule your strategy session with lawyer Ronald L. Bell by calling us at 847-495-6000. You can also fill out our online contact form. Offsite, evening and weekend times are available.
Payment plans and credit cards are accepted.