One of the most difficult aspects of many divorce cases, particularly those that involve a long marriage, is the division of retirement accounts. Dividing these savings follows the same property division rules of the state. These accounts are divided fairly, although not necessarily equally. Dividing retirement savings in a divorce also follows a slightly different procedure and has additional rules. When a divorce involves the division of retirement accounts, it is always best to work with an Illinois divorce lawyer that can help you through the process.
Retirement Accounts as Separate vs. Marital Property
Marital property includes any assets the couple obtained together during the marriage, while separate property refers to assets a person acquired prior to the wedding. Although this concept in property division matters seems quite simple, it is not and has the potential to become quite complex, particularly when retirement accounts are involved.
Even if a person had a retirement account prior to the marriage, it is likely that some of the marital assets contributed to those investments. A lawyer must determine which percentage of the savings are separate property, and which are considered marital property....