Illinois Pensions, 401k and QDROs Attorneys
Pension and Asset Distribution Lawyers
Retirement plans, such as pensions and 401ks, are among the most significant assets of many divorcing couples. In Illinois, retirement benefits are classified as marital property if they are acquired or contributed to during the marriage. Valuing and dividing these assets can be a complex process and requires the assistance of a skilled and knowledgeable attorney. At the Illinois divorce law firm of Kezy & Associates, we have over 25 years of experience guiding divorcing couples through the often complicated property and asset distribution process. Our divorce attorneys strongly represent our clients’ financial interests and make sure the terms of your settlement or judgment are properly executed.
Dividing Retirement Plans in a Divorce
Unless they are specifically excluded by a prenuptial or postnuptial agreement, retirement plan assets are subject to division in a divorce in Illinois. These assets can be divided in two ways—either the plan holder can compensate the other party for his or her interest in the plan using other marital assets, or the retirement plan can be divided into two plans using a Qualified Domestic Relations Order (QDRO). Depending on what other assets are available in the marital estate, one of these options may be more appropriate than the other. We have handled retirement benefit division disputes involving all types of retirement plans, and we are skilled in negotiating and litigating favorable distribution agreements for our clients.
If the division of a defined benefit plan has been determined either by settlement or judgment, the division must be implemented using a special court order called a QDRO. If it is an Illinois state or municipal government plan, a Qualified Illinois Domestic Relations Order (QILDRO) is needed. QDROs and QILDROs direct the plan’s administrator as to the proper way to distribute the assets within the plan. These orders must be drafted by an experienced attorney to ensure they accurately reflect the settlement or judgment. Small mistakes in wording can translate into thousands of dollars of lost retirement savings.
If your divorce involves complex retirement assets, we can help ensure they are properly and equitably divided. Contact us to schedule a free consultation and discuss your circumstances with an experienced and competent asset division lawyer.