Kane County Attorneys for Retirement Assets in Divorce
Allocation of Retirement Assets for Clients in St. Charles, Batavia, Elgin, and the Surrounding Areas
In recent years, more and more individuals are turning their attention toward actively saving for retirement. Though they do still exist, vested pensions are becoming increasingly rare, forcing people to set aside money during their working years so that they can retire comfortably in the future. Divorce, however, can seriously complicate your retirement plans, as, in many cases, retirement savings and investments are considered marital property and are subject to division between you and your spouse. At Bochte, Kuzniar & Navigato, P.C., we understand that your financial security is important to you and we are ready to help you in managing your retirement assets throughout the divorce process.
Elgin Lawyers Familiar with Asset Classification and Valuation
For the purposes of divorce, most assets or resources acquired by either spouse during the course of the marriage are considered to be marital property, regardless of which spouse acquired them. Unless previously addressed in a prenuptial or postnuptial agreement, or other unique circumstances exist, retirement assets are no different. If you accumulated assets in a pension, a 401(k), IRA, or other type of retirement account over the course of your marriage, those funds, and their projected value are likely to be considered part of the marital estate. Our team of knowledgeable attorneys is able to help you understand the divorce laws as they apply to retirement investments, and will work with you to develop a long-term plan.
We are also prepared to help you calculate the value of your savings and investments. With complex interest structures and various sources of contribution over time, it may be challenging to determine the actual worth of your assets. By working with financial professionals and industry experts, we will work with you in establishing the value of the investments subject to division.
Negotiation and Agreement
With a proper understanding of the value of the assets to be divided, we will assist you in negotiating a reasonable settlement that meets your needs, while respecting those of your spouse. You may be able to reach an agreement that allows you to keep your retirement savings by offsetting the value with other marital property. Alternatively, division of your retirement assets may be required, which often necessitates the use of a Qualified Domestic Relations Order (QDRO) or Qualified Illinois Domestic Relations Order (QILDRO), to provide disbursement direction to your financial institutions. Our experienced lawyers can help you draft the necessary settlement paperwork, along with the required orders, to resolve your case quickly and without undue delays.
As you approach the process of divorce, the attorney you choose can certainly make a difference. At Bochte, Kuzniar & Navigato, P.C., we have been helping area families with their divorce-related concerns for more than 40 years. To learn more about how we can put that experience to work for you, contact our St. Charles office today. We are proud to offer a free, no-obligation consultation so that you can discuss your case and receive an objective analysis of your situation. Call (630) 377-7770 for an appointment.