If you are currently going through the divorce process in Illinois, you can depend on an experienced Tazewell County retirement assets lawyer at Butler, Giraudo & Meister, P.C. to effectively handle any retirement asset division issues you may have. We are experienced in dividing complex financial assets, including retirement benefits, for men and women going through a divorce. We work with QDRO (Qualified Domestic Relations Orders) on a daily basis. Contact us today to learn more about how our experienced legal team can assist you.
Tazewell County Retirement Assets Lawyer | On Your Side
Dividing retirement assets in divorce is seldom a straightforward issue. This is why it is so imperative that you have an experienced Tazewell County family law attorney on your side who can help ensure that you receive all assets to which you are entitled.
Dividing Retirement Assets In Illinois
Since 1979, Illinois law has recognized retirement assets such as 401(k)s, pensions, annuities, or any other employer-sponsored plan as marital property. Typically, any portion of the retirement asset that accrued during the marriage is considered marital property and can be divided between the parties. Any portion of the retirement asset that the employee earned prior to the marriage or after the date of the dissolution of marriage is classified as non-marital property. As non-marital property, that portion will be assigned to the employee-spouse, not allocated to the nonemployee-spouse.
In 1979, the case of In re Marriage of Hunt declared that retirement interests are marital property under Illinois law. The courts recognize the existence of property ownership right by the non-employee spouse in the retirement interests of the other, employee, spouse. That interest is to be divided and equitably distributed in the course of the dissolution of marriage proceeding.
Domestic Relations Orders
A domestic relations order is a court order assigning a non-employee spouse the right to receive all or a portion of the benefits of the employee spouse under a retirement plan. Most commonly, Qualified Domestic Relations Orders (QDROs) are created to divide retirement assets that are governed by ERISA. This includes most employer-provided benefits in the private sector. For example, locally, this includes the retirement plans of Caterpillar Inc., OSF, Unity Point, all unions, and Ameren CILCO.:
- College and Public School Administrators
- State employees
- Municipal employees
- Law enforcement officers
- Some firefighters
For federal employees, such as civil servants, the Federal Employment Retirement System (FERS) has its own rules and requirements. The military also has special procedures for dividing military retirement benefits pursuant to Order(s) Dividing Military Retired Pay. These are specialized and technical court orders which must be prepared by a qualified attorney to assure no loss or compromise of benefits.
Contact a Tazewell County Retirement Assets Lawyer
The bottom line is that if you are going through a divorce, it is crucial to hire a Tazewell County retirement assets and QDRO lawyer who has the expertise to draft these highly technical legal documents. Our lawyers have that experience and can help you through the process of valuing and dividing complex retirement assets. assets. Contact Butler, Giuardo & Meister P.C. today to schedule your initial consultation with our experienced legal team.