Retirement is usually a lifelong endeavor; people work for decades, looking forward to the time when they can finally quit their job and pursue a life of travel and hobbies. The prospect of divorce can be especially concerning for adults who are nearing retirement age because it begs a host of difficult questions: How much of my retirement will I lose? What kind of home can I afford to live in on my own? Will I be able to retire at all?
The answers to these questions vary for every divorcing spouse, but rest assured that whatever complications your case may present, having an experienced attorney on your side will result in a better outcome than if you decide to represent yourself.
How Are Retirement Plans Treated in an Illinois Divorce?
In addition to the fact that liquid assets and real estate must be divided, retirement plans must also be included as part of the divisible marital estate (unless they are protected by a prenuptial or postnuptial agreement). However, spouses can divide their entire marital estate however they want - as long as both spouses agree. This means that, while you can divide your retirement accounts, you do not necessarily have to.
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