When a couple decides to end their marriage, there are many things they need to figure out how to split. Whether they own a home, have children, or founded a business together, it can be complicated going from being a couple to becoming two single individuals. One of the things that people often ask about is what happens with their retirement funds if they get a divorce. This article will explain a bit about how these funds would likely be divided. If you have further questions, speak with a knowledgeable Wheaton, IL divorce lawyer to find out more.
How Are the Funds Divided?
In Illinois, retirement funds are considered marital property if they were accumulated during the marriage. This means that both spouses might have a valid claim to them. The division of retirement accounts is usually part of the overall property division process in a divorce. To understand how a couple’s retirement funds might be divided, there are several things to consider: