Kane County Lawyers Protecting Retirement Assets
Divorce Attorneys for Retirement Asset Division in St. Charles, Aurora, and Geneva
If you have been working and saving for many years, your retirement assets may account for a significant portion of your net worth. Even if you have only been contributing to your retirement for a short time, your retirement assets may still be among your most valuable assets. Whether your retirement savings come in the form of a pension, 401(k), IRA or any other retirement plan, it will be subject to division in a divorce if it is classified as a marital asset.
It is important to work with an attorney who is experienced in handling complex financial matters to ensure you receive a fair distribution of your marital retirement assets. At Shaw Family Law, P.C., we are skilled in working with all types of retirement assets. We strongly advocate for our clients' rights and financial interests when negotiating and litigating property division matters.
Experienced Counsel for Retirement Asset Distribution
If retirement assets are accumulated during a marriage, they are considered marital assets regardless of whose name the accounts are held in. If the account is created prior to the marriage, only the added value to the account is subject to division in a divorce. (Unless the account is specifically excluded from marital assets by a valid prenuptial or postnuptial agreement.)
When dividing these assets, consideration must be given to the tax implications for early withdrawal. The most common ways to divide retirement assets include:
- Keeping retirement assets in the name of the account holder and compensating the other spouse using other marital assets such as real estate holdings or business interests. By properly valuing all assets, an equitable division is possible. Our attorneys work with experienced financial experts to value our clients' marital assets.
- Dividing the funds in the retirement account between spouses. Assets in a retirement account can be transferred to another retirement account in the other spouse's name without penalty if proper procedures are followed. Some retirement accounts such as 401(k)s and 403(b)s require a qualified domestic relations order, QDRO, to transfer funds. We are experienced in handling QDROs and working with all types of retirement assets in a divorce.
Contact Our Kane County Divorce Attorneys
If retirement assets are a part of your marital estate, contact the experienced divorce attorneys at Shaw Family Law, P.C. by calling 630-206-3300 to schedule a free consultation. We will confidentially discuss your specific financial circumstances and objectives and work with you to create a strategy to achieve your goals. Our firm is located in St. Charles, IL and we work with clients throughout the area including Kane, DuPage, DeKalb, and Kendall Counties.