St. Charles, Illinois Divorce Lawyers Help Clients with Investments
Protect Your Assets Before, During and After Divorce in Kane County
One of the most overlooked areas of divorce, especially for couples who have been married for many years, is investments and other important assets. Retirement accounts, stocks, IRA accounts, pension plans, and 401(k) plans all factor into divorce. If these investments were acquired during the marriage, they are considered marital assets subject to equitable distribution. It is important for Illinois couples contemplating divorce to understand exactly what assets they are holding, and how they will factor into divorce.
The divorce attorneys at Bochte, Kuzniar & Navigato, P.C. are well-aware of the frustration that often accompanies the discussion of dividing investments during divorce. Illinois law requires that assets and property be divided equitably, though that does not always mean equally. Our team of knowledgeable attorneys has over 100 years of combined experience that they will use in helping you resolve your divorce case and making sure that your investments are protected.
Will My Investments be Divided as Marital Property?
The answer to this question is not always black and white. Like most areas of divorce, dividing property and assets requires an individualized process. The first step is determining when certain assets were acquired and by which spouse. The next step is valuing assets and property, and placing a value on the interest of each spouse in the assets. The next step will be determining what is equitable for each spouse, which may include one or more of the following:
- Dividing investment accounts equally in order for both spouses to benefit from interest, and building income;
- Dividing investment accounts disproportionately in lieu of other property or assets; and
- Utilizing a Qualified Domestic Relations Order (QDRO) in order to distribute retirement account assets before actual retirement maturity.
During the process of valuing and dividing investments, it is important that each spouse understands the tax implications of the division of assets. Once investments are divided, each spouse may find himself or herself required to accept tax liability for that investment. Every case is different and will require a thorough examination of the tax implications before the couple agrees to the division of investments.
Let Us Help You Protect Your Investments
If you have questions about protecting your investments, contact Bochte, Kuzniar & Navigato, P.C. today. Our attorneys are dedicated to successfully resolving investment disputes and finding equitable solutions to your property division and divorce needs. Our attorneys work throughout the western suburbs of Chicago, including (but not limited to) St. Charles, Elgin, Batavia, Aurora, Elgin, Wheaton, Geneva, Kane County, DuPage County, Kendall County, and DeKalb County. Call us at (630) 377-7770, and we will provide you with a free consultation about how you can protect your investments.