Date: September 21, 2021

By: Attorney Jean Butler

401(k) and Divorce in Illinois

To begin, a divorce is not the happiest of times. For example, it affects every aspect of your life from finances to your emotions and to your friends and family members. Every situation is unique to itself but regardless there is a lot to consider when going through a divorce. Individuals should be aware of what it means for their retirement. Many married couples have shared assets which come in the form of things like a retirement funds and 401(k). Divorcing couples must be aware that these assets will also have to be split.

401(k)

When it come to a 401(k) there are a few things you will want to keep in mind. For example, there are certain things that you will want to avoid. Firstly, you will want to avoid withdrawing from your 401(k) account. Secondly, you will want to make sure that the calculations are correct in relation to the values involved. Lastly, you will want to figure out which portions of the 401(k) are marital or non-marital. 

Hire a Family Law Attorney

Many benefits can be had by a person who decides to hire a family law attorney for this situation. Most importantly an attorney can help you with a Qualified Domestic Relations Order or QDRO. A Qualified Domestic Relations Order assures that you can avoid potential penalties and fees. In addition, dividing your accounts by yourself can be risky, as mistakes do happen. Furthermore, by hiring a good family law attorney you can avoid these potential mistakes. 

Prime Law Group Family Law Attorney

Splitting up assets like a 401(k) during a divorce can be a confusing process. However, a family law attorney at Prime Law Group LLC, can help you make sense of this situation. Give us a call if you have a question regarding any of your family law matters.