Kendall County Division of Retirement Plans Attorney

Divorce Lawyer for Dividing 401(k) Accounts, IRAs, and Pensions in Oswego and Yorkville

When divorce becomes a reality for you and your spouse, you will quickly realize that the plans you made for your future could be in serious jeopardy. This might be especially true of your plans related to your retirement. Pensions, IRAs, and other retirement investments, in most cases, are considered to be marital property, regardless of which spouse actually "owned" the account. As marital property, retirement assets must be considered during the property division process of an Illinois divorce.

My name is Attorney Matthew M. Williams of the The Law Office of Matthew M. Williams, P.C. in Aurora, Illinois. For more than 15 years, I have been helping clients throughout DuPage County, Kane County, and Kendall County manage their retirement accounts during divorce so that they have the resources they need to move forward.

Retirement Savings as Marital Property

According to the law in Illinois, almost all property that either spouse acquired during a marriage will be considered part of the marital estate if the spouses pursue a divorce. Such property includes any funds contributed to savings plans or investment accounts intended to fund your retirement. Any pension benefits that were earned during the marriage are also included. Benefits accrued or contributions made prior to the marriage are usually considered non-marital assets and, therefore, are not subject to division.

As an experienced asset division attorney, I realize that it can be incredibly challenging to evaluate pensions, savings accounts, and other retirement investments, especially if the accounts include both premarital and postmarital contributions. In many cases, it is necessary to enlist the help of independent financial experts whose specialized training allows them to establish an accurate value of the retirement assets in question. Determining the value of your retirement savings may require the consideration of many factors, including the type of savings plan, vesting status, and how soon you plan to retire. With the help of trusted professionals, I will ensure that you fully understand what portion of your retirement investments must be taken into account during your divorce.

I will also help you explore your options for dividing your retirement savings. Illinois law requires marital property to be divided equitably during a divorce, which means that each spouse should receive a fair and just share of the marital estate—not necessarily an equal share. To accomplish this, you might be able to keep all of your retirement savings while offering your spouse a greater share of your other marital property in return. You might also consider dividing your retirement investments so that each of you will have something set aside for the future.

Kane County QDRO Lawyer

Once you and your spouse have reached an agreement regarding how your retirement assets are to be divided, you will probably need a Qualified Domestic Relations Order (QDRO) to facilitate the distribution of the funds. A QDRO will include the terms of your agreement or the court's decision regarding your retirement savings and must be given to the administrator of the savings plan or the retirement account.

A small oversight or error while drafting or implementing a QDRO could lead to expensive consequences. Fortunately, I have the knowledge and experience to assist with both concerns. I can help you create a QDRO that accurately reflects the terms of your agreement and oversee the implementation of the QDRO by your plan administrator.

Get the Help You Need

If you have questions about how your retirement savings will be handled in your divorce, contact my office to get answers. Call 630-409-8184 to schedule a confidential consultation at the Law Office of Matthew M. Williams, P.C. today. I represent clients in DuPage County, Kendall County, Kane County, and the surrounding areas.