Anderson & Boback Family Law Attorneys

Many people are concerned about divorce and pension plans and what will happen to those and any other retirement accounts upon finalization of your divorce. People seem to think that if the pension is solely in their name (which it typically is), then their pension is theirs and they do not have to share it with their spouse when they divorce.   The Courts consider this an asset of the marriage however, and you will need to divide your pension rights after divorce with your spouse. If you both have plans, and they are of equal value, then it is likely that each of you will retain your own pensions.  Illinois has established that all retirement and pension plans whether vested or matured, contributory or noncontributory, shall be treated like marital property.  The classification and reimbursement principles in 750 ILCS 5/503(a) and 5/503(c) apply to retirement plans and pensions and divorce in Illinois.  A pension that is established before the marriage, as well as its increa

Whether you are about to get divorced, are in the process, or have already divorced, dividing retirement accounts in divorce properly is important and can be a little confusing.  It can also be difficult dealing with the third-party agencies that handle the pension or retirement accounts. For starters, Illinois is an equitable division State which means that the marital portion of a person’s pension or retirement account will most likely be divided equally absent extenuating circumstances.  Under Illinois divorce and retirement benefits laws, a judge may do an unequal division if one party has a disproportionate amount of non-marital funds such as a non-marital property or large inheritance.  Absent these circumstances, the judge will divide the marital portion equally. QDRO Required for Dividing Retirement Accounts in Divorce Secondly, your judgment will have to reflect the division of the pension or retirement at division and any other necessary information such as survival

Divorces can be complicated even when both parties are in agreement and respectful of one another.  High asset divorces can be exceptionally complicated and could create a contentious situation in what could otherwise be an amicable split.  A large amount of assets may create a long, drawn out and complex process for dividing marital property.  Improper handling of the division of your marital property could have significant implications.  If you and your spouse are facing divorce and your marital property consists of assets of high net worth which may include businesses, real estate, investments and retirement accounts, it is of the utmost importance that you speak with an experienced high net worth divorce lawyer .   Work with a High Net Worth Divorce Lawyer The first step in preparing for a high asset divorce is to work with an experienced high net worth divorce lawyer.  An attorney that is experienced in high asset divorces will guide you with the proper procedures to