Division of Investments, Pensions, and Retirement Savings in Schaumburg, IL
The division of marital property is one of the issues that must be resolved in a divorce. Marital property is property that is obtained during the marriage, with some exceptions, and it typically includes homes, cars, bank accounts, and other possessions. Other assets such as retirement savings and pensions and investments may also be considered marital property. Determining how to split these assets can get a bit complicated.
At Barber Law Offices, Allen Gabe can provide representation through divorce proceedings in Schaumburg, IL, and help you resolve issues such as the division of investments, pensions, and retirement savings. Our divorce attorneys will work diligently to present your case for your share of these assets and help ensure a favorable outcome.
Equitable Division of Assets
Illinois is an equitable distribution state which means that marital property, including retirement savings and investments, is divided in a way that the court deems equitable. The assets may not be split 50/50 unless the terms of an account include an even split. One spouse may also offer the other marital property in exchange for keeping more than 50 percent of a retirement account.
Determining what part of an investment or retirement account should be divided can get complicated as only contributions made during a marriage are considered marital property. For example, if one spouse paid into a retirement account for 40 years and was married for the last ten of those years, then 25 percent of the retirement account is considered marital property. The other spouse is then entitled to half of that 25 percent. Contributions made to an investment or retirement account prior to the marriage and contributions received by a spouse as an inheritance or gift are not considered marital property.
Evaluating the Value of the Assets
Before investments and retirement funds can be divided, the actual value of these assets must be determined. You may need to work with an accountant, financial appraiser, or pension valuator to evaluate your investment and retirement accounts and determine their true value. Contribution plan accounts such as IRA, 401(k), and 403(k) accounts can have a definitive value assigned to them while pension plans are more difficult to valuate because pensions do not reach their full value until the account holder retires.
Allen Gabe at Barber Law Offices will help you retain the financial experts you need to valuate your accounts and help fight for your fair share. We will build and present your case for the portion of these assets that you deserve. The portion you do receive will be divided and distributed through a Qualified Domestic Relations Order (QDRO) that you can withdraw from without incurring taxes or penalties.
Protect Your Assets with Barber Law Offices in Schaumburg, IL
If you are going through a divorce and there are assets such as investments and retirement accounts included in the marital property, Allen Gabe at Barber Law Offices can help. We will represent you to ensure that you get your fair share of these assets.
You can reach us at 847-303-9780 to learn more.
Related Services and Resources:
Alimony and Spousal Maintenance
The Divorce Process
High Asset Divorce
Mediation Attorneys
Post Decree Judgment Enforcement
Property Division
Tax Implications of Divorce
Uncontested Divorce
Related Blogs
Each year, thousands of Americans make the difficult decision to end their marriage with a divorce. The divorce process can be very difficult, both financially and emotionally, especially if the process drags out in the courts. Spouses who are on good terms and want an amicable divorce can choose to file for a no-fault divorce,…
Children must be supported by their parents, whether the parents are divorced, separated, or unmarried. In order to allow each child to be adequately supported by parents, states enforce certain laws applicable to child support. What is Child Support? Child support goes beyond covering the basics, such as food, clothing and shelter. Rather, the financial…
The dissolution of a marital union is an emotionally challenging process. But when a marriage cannot be saved, divorce is inevitable. The divorce process starts by filling out multiple forms, one of which includes the petition for divorce. Divorce may proceed if the spouse opts to ignore the petition. Fault-Based Divorces When contemplating divorce, it…
In Illinois, the process of obtaining a divorce typically ranges from a minimum of six months to a maximum of two years. However, the exact duration varies based on numerous factors, including whether the divorce is contested or uncontested, the complexity of financial matters, and the workload of the local court system. Understanding the legal…
In any divorce case, there are several methods and resources you can employ to gather evidence showing that you possess good character. For a parent, using a character witness is especially beneficial when it comes to proving their ability to care for a child. Choosing reliable character witnesses is a challenging task, especially if you…
FREQUENTLY ASKED QUESTIONS
LATEST REVIEWS
Mr Barber worked on my workers compensation case for 3 years and got me 2 settlements when they were denying everything. Also got me months of PT that I never had to pay for. Great lawyer, recommended.
Scott worked on my case for 14 years. He became family. Ever cried on the phone to your lawyer and they actually listened to you. Highly recommend initially hiring or even jumping ship to. He really does care about your...
If your looking to retain an attorney that will fight for your rights; Allen Gabe is your man. In my case, there is a child that I didn't know of until the State of Illinois Child Support came after me 2.5...
Mr. Barber and Michelle were an amazing legal team that kept me informed every step of the way. When the insurance company cut my benefits off and I had no way of paying my personal bills, they fought for me...
My family owes Mr Barber a great deal of debt, he fought very hard for us. I wasn't sure what to expect when I went to him for a consultation, and he walked me through the whole process in layman's...
Allen has been a lifesaver for my family and I. I had to switch attorneys, as I needed an attorney that understood that I was in a war battle(not the typical divorce). Hiring Allen was the best decision I...
After struggling with my initial divorce attorney, I started searching for new representation. A co-worker referred me to Allen. After meeting with Allen, I knew immediately I needed to make a change. Although at first you may...
Allen Gabe is the best Lawyer we have ever had! He represented us in Lake County and we could not be happier with the results! He fights for Fathers rights and that support meant everything to us! ...
I worked with Allen for over a year on my divorce. From our first meeting I began to feel better about the unfortunate situation I found myself in. I could not have been more pleased. He helped...
