Today, the divorce rate in America is on a steady decline. In large part, this decline is due to the fact that many young Americans are not pursuing divorce. However, among elderly Americans, the divorce rate has been rising over the past few decades. According to the Pew Research Center, divorce has doubled among Americans over the age of 50 since 1990. If you believe that a gray divorce is the right choice for you, it is time to speak with an attorney you can trust.
At The Stogsdill Law Firm, P.C., our attorneys have over 100 years of combined experience, and we have earned a reputation as one of the most respected firms in the area. Our DuPage County, IL gray divorce lawyers are ready to discuss your case with you and work to protect your rights.
Are Retirement Accounts Considered Marital Property in a Gray Divorce?
In Illinois, retirement accounts earned during a marriage are usually treated as marital property. This includes pensions, 401(k) plans, and individual retirement accounts. It does not matter whose name is on the account. If the money was saved while the couple was married, a court will often view it as property that belongs to both spouses.