Public employees in Illinois are often covered by government pension plans, which can present a unique challenge when it comes to dividing assets during a divorce. One of the most important tools for dividing retirement accounts in Illinois divorces is the Qualified Domestic Relations Order (QDRO). However, when dealing with pensions and retirement accounts specific to public employees, the process is a bit different than that of a QDRO for a non-state employee.
In this blog, we will explore how QDROs apply to public employees in Illinois divorces, including how to ensure that you are properly protected when setting up these payment plans. To learn more about your specific case, call our Wheaton, IL divorce attorneys.
What Is a QILDRO?
A Qualified Domestic Relations Order (QDRO) is a legal document that allows retirement assets to be divided in a divorce. It applies to certain types of retirement accounts, including 401(k)s, pensions, and other defined contribution or benefit plans. A QDRO allows a former spouse to receive a portion of the pension or retirement benefits without causing tax penalties or other complications for the original account holder.