There will be a lot going through your mind if you decide in favor of divorce. Not only will this impact you, it will do the same to your finances. While some people have a clear idea of how their financial situation will change, others are not aware of everything this means.
Have you been saving for retirement? Regardless of your age, if you are working full-time, your answer is likely to be yes. In this event, retirement accounts are sure to come to the forefront as you move through the divorce process.
Dividing assets during divorce is never easy. Not only are there many laws that govern this, but here is something else to remember: your spouse will be fighting tooth and nail for the money they are entitled to.
If you live in Illinois, for example, marital property is considered any that is acquired during the marriage. In the event of divorce, this property is subject to equitable distribution.
Many types of retirement assets can come into play, such as:
— IRA (traditional and Roth)
— Stocks and bonds
— Savings plans
— Qualified domestic relations order
Since it can be difficult to value retirement assets, since it can be a challenge to secure what is owed to you, it is essential to hire a legal team that can protect your rights.
Over the years, we have guided many people through each step of the divorce process. If you want to learn more about divorce and the division of retirement assets, visit our webpage entitled “Division of Retirement.”