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Mevorah & Giglio Law Offices
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DuPage County Attorneys

LOMBARD

900 E. Roosevelt Road, Lombard, IL 60148

Phone: 630-932-9100

BLOOMINGDALE

134 N. Bloomingdale Road, Bloomingdale, IL 60108

Phone: 630-529-4761

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105 W. Madison Street, Suite 2200, Chicago, IL 60602

Phone: 630-932-9100

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1730 Park Street, Suite 202, Naperville, IL 60563

Phone: 630-420-1000
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Lombard divorce lawyersPreparing for retirement is a lifelong process that requires careful planning and thoughtful goal setting. Most married couples work on their retirement plan together, with many expecting to rely on savings that both spouses have accumulated throughout their lives and careers. However, when your marriage ends in divorce, those retirement plans can be turned upside down, and you and your spouse will likely need to adapt your retirement goals for your new life circumstances. In some cases, this means delaying your retirement date, but there may be other options as well.

What Happens to Retirement Savings in an Illinois Divorce?

What becomes of your retirement savings depends on whether the funds qualify as marital or non-marital assets. If you have a retirement account that was funded entirely before your marriage, it will be considered non-marital property, and you will likely be able to hold onto the entire amount. If you have contributed to an account both before and during your marriage, the pre-marriage contributions may also qualify as non-marital property, though it is important to maintain detailed records to clarify this non-marital portion.

Any contributions to a retirement account during your marriage will likely qualify as marital property, even if you and your spouse each have accounts in your own name. This applies to a variety of accounts including IRAs, pensions, 401(k)s, and more. These accounts will be considered in the division of marital property in your divorce, and if an account needs to be split, it is important to take action to minimize tax consequences and early withdrawal penalties. For example, you should obtain approval for a transfer incident to divorce in order to divide an IRA, and a Qualified Domestic Relations Order (QDRO) in order to divide employer-sponsored accounts like a 401(k).

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DuPage County divorce attorneysThe outcome of a divorce is heavily influenced by all aspects of the couple’s marital finances, including both assets and debts. Any marital debt remaining at the time of the divorce may need to be divided equitably between both spouses, and this can lead to complications with creditors in the future. Addressing debt before filing for divorce may help you to simplify the divorce process and protect yourself from financial liability.

Types of Marital Debt to Address

It may surprise you to learn that, as with assets, debts incurred by either or both spouses during the marriage are generally considered to belong to the marital estate, meaning that they will factor into the division of assets and debts in the divorce. Common marital debts that divorcing couples must contend with include home mortgages, credit card debt, and vehicle loans. Student loans may also qualify as marital debt if a spouse continued their education during the marriage, especially for the purposes of better providing for the family.

Options for Addressing Debt

Whenever possible, it is a good idea to be proactive about marital debt before initiating the divorce process. Possible strategies for minimizing the impact of debt on your divorce include:

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DuPage County divorce lawyersMost people are aware that when a couple gets a divorce, they will need to reach a resolution on important issues including the division of marital property and the allocation of parental responsibilities. However, there are many other implications of the divorce process that may not be immediately apparent. One such issue is continued health insurance coverage for a spouse or child.

This issue is of particular relevance now, when many families are struggling with health problems related to COVID-19, or the risk of contracting the coronavirus. If you are concerned about losing access to affordable health care at a time when you need it most, you may have even decided to delay your divorce or pursue a legal separation while remaining legally married. However, it is important to know that if you decide to move forward with your divorce, there are options for maintaining coverage.

The Illinois Spousal Continuation Law

Under Illinois law, if you were covered under your spouse’s employer-sponsored health insurance plan during your marriage, you have the option to continue that coverage after your divorce. In order to do so, you must notify your spouse’s employer within 30 days of the divorce judgment, and once continued coverage is granted, you will also need to pay the full premium throughout the time you remain covered. If you are below the age of 55 at the time of the divorce, continued coverage can extend for a maximum of two years, whereas if you are retired or over the age of 55, coverage can continue up until the point at which you are eligible for Medicare.

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Lombard divorce lawyersWhen a couple chooses to get a divorce, the process of dividing marital assets is likely to cause some conflict. Each party may have personal attachments to certain properties, and while it is sometimes fairly straightforward to reach an agreement that satisfies each person’s needs and wishes, certain kinds of properties are especially complicated. When it comes to dividing these properties, it is helpful to have the guidance of an experienced attorney who can help you protect your interests and avoid financial losses.

3 Properties That May Cause Conflict During a Divorce

Typically, the properties that are hardest to divide are those that have the highest value and that both parties rely on. These may include:

  1. Retirement accounts: In Illinois, contributions to retirement accounts that were made during a marriage are usually considered marital property, even if the account is listed in one party’s name or funded through contributions from one party’s paycheck. The necessity of dividing a retirement account can affect both party’s retirement plans, and it can result in significant losses if you are not careful about how you divide it. Many retirement accounts must be divided in accordance with a Qualified Domestic Relations Order (QDRO) to prevent early withdrawal penalties and other tax implications.
  2. The couple’s home: A home that you and your spouse shared during your marriage may be your most valuable marital asset, and it also often comes with strong emotional attachments, especially when you have children who feel secure in the home. Many couples try to arrange for one party to keep the home after the divorce, but it is important to keep in mind associated expenses like mortgage payments, utilities, and property taxes, in addition to the home’s value.
  3. Businesses: A business bought or founded by either spouse during the marriage is also usually considered property of the marital estate. If one party is more invested in the business and wishes to keep it in the divorce, he or she will likely have to give up other assets to achieve an equitable distribution. A family business in which both parties are involved can be even more complicated, as you may need to arrange for a buyout of one party’s share or determine whether it makes sense to remain co-owners and business partners.

Contact a DuPage County Property Division Attorney

If you are concerned about your property interests and the financial impact of your divorce, the attorneys at Mevorah & Giglio Law Offices can help. We will work with you to reach a fair resolution that prevents you from experiencing excessive hardship. Contact a Lombard, IL divorce lawyer for a free consultation at 630-755-6426.

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Naperville parenting time attorneysAs a parent, one of the many important decisions you will need to address during your divorce is how parenting time will be distributed between you and your spouse. Even in the most amicable of divorces when both parties are committed to their children’s best interests, shared parenting time can still be challenging to manage. However, you can take steps both during and after the divorce process to make it easier.

Suggestions for Successful Co-Parenting

Taking the following suggestions into consideration can help you create and maintain a parenting plan that works for everyone involved.

  • Consider both parents’ schedules. A successful parenting plan allows both parents to maintain a strong relationship with their children. When determining the parenting time schedule, it is important to consider when each parent will be working or attending to other commitments so that both of you can make the most of the time you have with your kids.
  • Plan ahead for important events. It is usually a good idea to account for certain special occasions, like holidays, birthdays, and school breaks, when creating your parenting plan. You may decide to alternate years between parents for each holiday, or divide time every year. It can also help to discuss with the other parent in advance of an important event in your child’s life that may not be addressed in your parenting plan, so that you can decide the best way for both of you to be involved.
  • Commit to consistency and timely transitions. The time surrounding your divorce can be stressful and uncertain for your children, and maintaining a consistent schedule for them can help them feel more stable. Try to create a schedule that you can stick to, and make plans for transportation between households such that you are not cutting into the other parent’s allocated time.
  • Be open to modifications. The parenting time schedule you create during your divorce may not always be viable as time goes on and your family’s routines and needs change. If you find that the current arrangement is not working, try to talk to the other parent about agreeing to a modification that suits both of your needs, and filing it with the court for approval.

Contact a DuPage County Parenting Time Attorney

At Mevorah & Giglio Law Offices, we have assisted many families with the creation of parenting plans, and we can work with you to help you reach an agreement on parenting time that protects the interests of you and your children. Contact an experienced Naperville family law attorney to request a free consultation at 630-420-1000.

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