West Chicago Retirement Accounts Division in Divorce Lawyer
Dividing Savings, Investments and Retirement Accounts Attorney in Warrenville, IL
One of the most challenging issues to resolve during a marriage dissolution is the division of assets. This area can become quite complicated, particularly if there are is real estate and other significant financial assets involved. Many spouses assume that personal savings, investments and retirement accounts are considered non-marital assets and not part of the property division. Very often, this is not the case. For this reason, if you are going through a divorce, it is important to have a strong advocate by your side to ensure your financial interests are fully protected.
At The Law Offices of Nancy Kasko, LLC, we have helped numerous clients skillfully navigate the financial complexities that are often at play during a divorce. Attorney Nancy Kasko handles all of our divorce and family law cases. Nancy has personal experience in this area of law, and she understands first-hand the enormous financial and emotional toll ending a marriage can have on the parties involved.
Nancy takes a hands-on approach; she spends a lot of time with her clients listening to their needs and concerns and learning the unique facts of their case. Nancy performs a thorough analysis of your specific circumstances, so she can formulate the most practical and effective strategy to obtain a favorable result. She also does extensive due diligence, including income discovery and discovery of hidden assets that may factor into the property division.
How Financial Assets are Divided During a Divorce
In Illinois, savings, investments and retirement accounts are typically considered marital assets for the purposes of property division if they were accumulated within the duration of the marriage. One notable exception is if these assets were received by one of the spouses as a gift or inheritance. Certain factors can cloud this issue; such as in cases when there was already an existing 401K, IRA, pension or other type of retirement account prior to the marriage, and funds were added to it while the marriage was ongoing.
Division of retirement accounts can be further complicated by the inherent tax implications. Typically, owners of the account pay a penalty if any part of it is liquidated prior to reaching retirement age. To address this issue, a qualified domestic relations order (QDRO) or Qualified Illinois Domestic Relations Order (QILDRO) (for public employees) can be ordered by the court. With a QDROs or QILDRO, funds from the retirement account can be disbursed at the time of the divorce without penalty.
Speak with a Skilled Aurora Retirement Accounts Divorce Attorney
Savings, investments and retirement accounts are complex financial instruments that must be handled carefully during the division of assets. Otherwise, there may be unforeseen problems down the road. Attorney Nancy Kasko has extensive knowledge of the financial issues divorcing spouses commonly deal with. She can help ensure that all your bases are covered, so you will be in a strong financial position going forward. For a free consultation with attorney Kasko, contact our Warrenville law office today at 630-836-8540 or our Wheaton office at 630-407-1665. We serve clients in Warrenville, Wheaton, Winfield, West Chicago, and DuPage County, Illinois.