Kane County Lawyers Protecting Retirement Assets

Skilled Divorce Attorneys for Retirement Asset Division in St. Charles, Aurora, and Geneva, Illinois

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 knows how to handle complicated financial issues to ensure you receive a fair distribution of your marital retirement assets. At Shaw Sanders, P.C., we are skilled in working with all types of retirement assets. If necessary, we can also help you obtain a court order to divide your retirement assets without incurring an early withdrawal penalty. No matter the case, we serve our clients' financial interests faithfully 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, or QDRO, to transfer funds. We are experienced in handling QDROs and working with all types of retirement assets in a divorce.

How Can an Attorney Help With Retirement Asset Distribution?

If you want to protect your retirement assets in your divorce, it would be prudent to seek legal representation from a skilled divorce attorney. With the help of a divorce lawyer, you can negotiate a fair property settlement or court verdict regarding your retirement assets. Our firm can advocate for your rights, working toward a resolution that does not involve a major setback to your retirement plans. Depending on your situation, you could give away other assets to avoid sacrificing any of your retirement funds.

We can also help you advocate for a reasonable portion of your spouse's retirement assets if you are entitled to it. When you meet with our firm, we will take the time to learn your priorities so that we can more effectively advocate for your needs and protect your financial future.

Contact Our Kane County, IL Divorce Attorneys

If retirement assets are a part of your marital estate, contact the experienced divorce attorneys at Shaw Sanders, P.C. by calling 630-584-5550 to schedule a free consultation. We are here to provide you with a private space to discuss your objectives and work with you to create a strategy to achieve your goals. Our office is located in St. Charles, IL and we work with clients throughout various counties in Northern Illinois, including Kane, DeKalb, Kendall, and DuPage.