For a lot of people, especially those who are older, retirement assets may constitute the single largest asset that they have. In situations involving divorce in Illinois, the issue of dividing retirement assets can be especially stressful for people, as they fight to keep the assets they worked so hard to obtain. An experienced lawyer can help ensure you understand your rights and options, especially regarding Qualified Domestic Relations Orders (QDROs). QDROs are essential legal documents in the division of retirement plans when getting divorced. Here is what you need to know about them in Illinois.
What is a QDRO?
A QDRO is a court order that recognizes the right of an alternate payee, which is most often a spouse or former spouse, to receive a portion of the benefits or assets from a retirement plan. Understanding its significance is crucial when going through a divorce: