How Are A Pension And Retirement Savings Split In Divorce?
It is often one of the most surprising realizations for individuals going through divorce. Your pension or retirement savings can be divided in a divorce even if only one spouse contributed to the retirement plan while you were married.
If this is surprising to you, you are not alone. After all, this savings may be one of your largest assets. It’s also one of the most complicated issues when dividing marital assets, which is why you need the help of our highly experienced lawyers at Robert A. Chapski, Ltd., in Elgin.
If you are or were a member of the military and have a pension, there are federal laws at play. But in general, there are two important pieces of information to go with dividing savings for retirement in a divorce:
- Present-day valuation and buyout
- Division and distribution into two accounts at retirement (qualified domestic relations orders)
Dividing Retirement Is Complicated
It can be difficult to determine what a pension or retirement account might be worth at the time of retirement if that point is far down the road. Only when you sit with an attorney and look at all of the circumstances of your case can you get advice that pertains to your situation. We will look out for your best interest.
Get Answers Personalized To Your Own Legal Situation
For high-quality, experienced representation, call the attorneys at Robert A. Chapski, Ltd., at 847-742-1642 or contact us online. Our firm is in Elgin, Illinois, and our lawyers serve clients throughout Kane County and the surrounding area.