Experienced Retirement Benefits in Divorce Lawyer Serving Kane and Kendall Counties

What Happens to Retirement Benefits after Divorce?

• If I devoted my life to supporting my spouse’s career, am I entitled to a portion of my spouse’s pension?

Pensions, 401(k)s, IRAs and other retirement benefits earned during the marriage are considered marital property and, along with other marital assets, are subject to the conditions set forth for the division of property.

Whether the marital assets in question are modest or substantial, it is important for individuals facing divorce to obtain the advice of an attorney experienced with both family law and the financial issues surrounding division of property.

At the Law Office of Warren G. Sylvester, our family law attorney has exceptionally strong financial skills that enable him to tackle these sensitive and critical issues with authority on behalf of our clients. Warren Sylvester spent nearly 10 years working as a financial analyst before going into law.

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There are many misconceptions about retirement benefits and the division of property during divorce. Some individuals simply do not realize that it is possible to divide pensions; others worry about the tax implications. Another common concern when it comes to the division of property during divorce: not knowing what is there, either because the couple’s financial records are in disarray or one spouse is hiding assets from the other.

Our law firm has broad experience with the division of property, including:

• IRAs
• 401(k) plans
• ERISA qualified pensions
• Non-ERISA qualified pensions
• Civil Service Retirement System (CSRS) pension plans
• Federal Employee Retirement System (FERS) pension plans
• Municipal, county and State of Illinois Retirement Plans

Qualified Domestic Relations Orders (QDROs)

A qualified domestic relations order or QDRO (QUAD-row) is issued by the Court, to recognize the rights of an alternate payee to receive some or all of the benefits payable to a pension participant. The alternate payee may be a spouse, former spouse, child or other dependent of the participant.

Qualified Illinois Domestic Relations Order (Qildro) are court orders which direct a state pension authority to pay a portion of a member’s benefit or refund to an alternate payee. Qildro’s are issued under the Illinois Pension Code, 40 ILCS 5/1-119. There are significant differences between QDRO’s and Qildro’s, and it is important that your attorney be knowledgeable with both.

To talk with a knowledgeable lawyer about the division of marital property, including pension benefits, please contact the Law Office of Warren G. Sylvester in Geneva, Illinois. We offer representation to men and women throughout Kane County, as well as Kendall, Geneva and Batavia counties, including Elgin, Aurora and St. Charles.