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Wakenight & Associates, P.C.

1100 Lake Street, Suite 120, Oak Park, IL 60301

DuPage County | 630-852-9700

Mokena | 815-727-6144   Oak Park | 708-848-3159

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Elmhurst Divorce Attorneys for Division of Retirement Savings

Burr Ridge QDRO Attorneys

Lawyers in Oak Brook Helping Divide 401(k) Accounts, IRAs, and Pensions

When you are facing the reality of a divorce, you probably realize that the plans you had for the future are in danger. This may be particularly true of the plans you have in place for your retirement. In most situations, pension plans and retirement investments are considered part of a couple's marital estate, no matter whose name is listed on the account. As a result, these assets are subject to division in a divorce. At Wakenight & Associates, P.C., our skilled attorneys have the knowledge and experience to help you remain financially secure through proper management of your retirement savings during your divorce.

Retirement Investments and Savings

According to Illinois law, most property acquired by either spouse during a marriage is considered to be marital property if the marriage should end in divorce. This includes contributions made to investment accounts or savings plans for retirement such as Individual Retirement Accounts (IRAs) and 401(k) plans. The same is true for pension benefits earned after the marriage began. Any contributions or benefits that accrued before the marriage are non-marital property and not subject to division.

At Wakenight & Associates, P.C., we realize how difficult it can be to properly value retirement investments and pension plans, especially when such plans include contributions made both before and after the marriage began. We work closely with experienced financial professionals whose training allows them to determine the value of retirement savings fairly and accurately. Depending on the type of savings plan and the retirement status of the parties involved, there are several different valuation methods that could be employed. Our experts know which methods to use and when, so that you fully understand the portion of your retirement savings that will be considered in your divorce.

We will also assist you in exploring all of your available options regarding how your retirement investments will be divided. You might, for example, be able to keep all of your savings, but you might need to offer your spouse a greater portion of your other marital assets in exchange. Conversely, it might be in your best interest to split your retirement savings so that each of you receives a fair allocation.

QDRO Attorneys Serving DuPage County and Kane County

While most retirement plans are able to be divided in a divorce, a court order known as a Qualified Domestic Relations Order (QDRO) is usually required in order to do so. When a QDRO is required, it must contain the terms of the couple's agreement or the court's judgment. The order must then be given to the administrator of the investment account or savings plan.

At Wakenight & Associates, P.C., we understand that even a small mistake in the creation or implementation of a QDRO could have disastrous consequences and could cost you many thousands of dollars in lost savings. Our attorneys will assist you in drafting a QDRO that exactly matches your divorce settlement and in making sure that nothing can be misinterpreted.

We will also oversee the implementation of your QDRO by the plan administrator. In many cases, new accounts must be created, funds must be rolled over, and new beneficiaries must be named, and an error at any stage of the process could be costly. No matter what challenges may arise, our primary goal is to ensure that you have the resources you need when you are ready to retire.

Call 630-852-9700 for Your Free Consultation

If you are considering a divorce and you have significant retirement savings, contact our office. Call 630-852-9700 to schedule a free, no-obligation with one of our skilled divorce attorneys. We serve clients in Elmhurst, Oak Brook, Villa Park, Addison, Lombard, Western Springs, Burr Ridge, Wood Dale, DuPage County, Kane County, and the surrounding areas.

  • Elite Lawyer
  • American Bar Association
  • Better Business Association
  • Illinois State Bar Association
  • West Suburban Bar Association
  • Northwest Suburban Bar Association
  • Will County Bar Association
  • DuPage County Bar Association
  • Lake County Bar Association
  • Kane County Bar Association




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