Retirement Accounts Are Not A Divorce “Afterthought”
When many people think of divorce, they think of child custody battles and property division. However, there’s one often overlooked area of interest: retirement accounts. Future assets like retirement accounts can have high values. If you want to avoid losing that account, you might need a divorce lawyer who has experience with how retirement accounts are affected during a dissolution of marriage.
Here at the Law Office of Robert S. Thomas, our firm can handle your case. We have decades of experience fighting for those who want to protect their assets. Whether you want to keep your retirement account for yourself or you want support from your spouse’s plan, we can assist you.
The Significance Of Retirement Plans In Divorce
Retirement plans have greater value than many people realize. If you’re divorcing after years of marriage, you’ve had time to build up a significant nest egg. However, those savings could be in danger. Some divorces end with one spouse receiving support from the other’s retirement plan.
Your retirement plan could be your most valuable asset. In addition to its financial value, it provides you with peace of mind. Losing that can make you feel as if you’re losing everything.
Robert S. Thomas knows the significance of your retirement plan. He will do what it takes to protect it. With an in-depth knowledge of divorce law in Schaumburg, Illinois, he can handle your case. Our firm can work toward protecting your rights and ensuring that you get what you deserve.
How The Court Handles Retirement Plans
If you and your partner can’t agree on how to split your assets, the court must decide. Unfortunately, this puts the retirement plan in the hands of a judge.
If this occurs, the court evaluates the plan. First, a judge considers the type of retirement plan. Then, they evaluate any value changes that occurred to the plan throughout the marriage. Finally, they look at the contributions each spouse made to the plan during the marriage.
Depending on your plan, there might be a few other considerations. For example, they could examine the age of the account owner, the estimated retirement date, and the length of employment prior to and during the marriage.
Once the court analyzes the retirement plan, it can work toward making a decision. If most of the retirement plan was earned before the marriage, it’s likely that it is a nonmarital asset. As such, it would remain in the hands of the account owner. Only the amount earned after marriage is eligible for asset division.
In some cases, the court could award one spouse some of the other’s retirement plan. At a certain age, that spouse could receive monthly payments. The amount of those payments is at the discretion of the court and varies depending on your circumstances.
It’s also possible that the payment could come in the form of a lump sum, as you would receive with a pension. Once again, this is up to the court to decide.
Working With A Retirement Accounts Divorce Lawyer In Arlington Heights, Illinois, And Schaumburg, Illinois
Working with a divorce lawyer in Schaumburg and Arlington Heights, Illinois, can help you in several ways. For one, a lawyer can advise you on how to handle the situation. Before you take any action, you can learn about your options. Our firm can advise you on the outlook of your situation.
If you’re already undergoing a divorce, our firm can represent you. Whether you need help negotiating or you require legal representation in court, Robert S. Thomas can assist you. He has been protecting the assets of individuals in divorce cases for years.
The median resident age in Arlington Heights is 43.1. Although that age might seem far from retirement, it’s a lot closer for some. If you want to prepare yourself for retirement, you need to protect your pension. Contact us at the Law Office of Robert S. Thomas to protect your retirement plan in your divorce.