Protecting Your Retirement Plans During the Illinois Divorce Process
Divorce proceedings are complex and overwhelming. Also, depending on the mood and plan of the other side, they can get tricky and ugly very quickly. While you may be prepared to start dividing up assets like property and cars, you may be surprised to find your retirement accounts on that list as well. In the state of Illinois retirement funds such as IRAs, 401(k)s, and pensions are designated as “marital property” and subject to division.
How To Keep Your Retirement Funds Safe
Your first step is hiring an attorney that specializes in divorce. Second, there are several follow-up actions you can take to protect the plans you have for retirement after your divorce. While we highly suggest contacting an experienced divorce attorney to get the full picture, below are a few key ways you can safeguard your money during divorce proceedings.
- Prenuptial and Postnuptial Agreement
- This is ideal if you have already amassed a significant amount of retirement funds before getting married.
- Identifying Non-Marital Assets
- Before beginning proceedings, identify what accounts you funded before you got married to avoid having them eligible for division.
- Securing A Qualified Domestic Relations Order (QDRO)
- A QDRO allows you to transfer money from one retirement account to another without paying taxes or penalties.
- Take Advantage of What IRAs Have To Offer
- If both of you have an IRA and follow the right procedures, you should be able to transfer funds to each other without paying penalties or securing a QDRO.
The Team At Strategic Divorce
Our team is composed of veteran divorce attorneys who have spent years representing individuals like you and protecting key assets such as retirement funds. Divorce proceeding representation is the only thing we do. We have seen it all and are fully prepared for anything the other side tries to throw at us. When you sign on with us, you can rest easy knowing you are getting the best divorce defense possible.
Divorce is a complex process that should not be handled alone. Even if you believe your spouse is well-intentioned, you never know what they might try to pull. Plus, you can be sure they will have their own representation. Our experienced team understands the importance of staying focused and ensuring nothing slips through the cracks. We promise to provide the support you deserve during this difficult time.
Your Free Consultation
We understand that divorce proceedings can be complex and feel overwhelming. Before you begin, let one of our divorce attorneys sit down with you and learn about your situation.
We invite you to contact us for a free consultation at 847-234-4445 or by filling out this short form.