When going through a divorce in Illinois, many people are faced with the complex task of dividing marital assets, including retirement accounts. Retirement accounts often make up a significant portion of a couple’s shared wealth, which means that dividing them can have serious financial consequences both in the present and the future.
However, dividing retirement accounts is not as straightforward as splitting a bank account or personal property. This process requires careful legal and financial planning, especially when it comes to avoiding tax penalties or unintended distributions.
This is typically managed through the use of something called a Qualified Domestic Relations Order (QDRO). An experienced Illinois family law attorney with Weiss-Kunz & Oliver, LLC can help you draft these orders to help ensure a fair division of retirement benefits that makes the process smooth and complies with Illinois law.