Divorce is not just an emotional transition, but a financial turning point that can reshape your future. For many people, one of the biggest concerns is whether years of retirement savings will vanish in the process.
If you have spent decades planning for your golden years, the thought of dividing those hard-earned assets can be deeply upsetting. Whether you are approaching retirement or already living on a fixed income, a DuPage County, IL divorce lawyer can help you understand how Illinois law handles retirement accounts during divorce.
What Happens to Retirement Accounts in a Divorce?
In Illinois, retirement accounts are typically considered marital property if contributions were made to them during the marriage. Under the Illinois Marriage and Dissolution of Marriage Act, marital property is divided equitably and fairly, not necessarily equally.