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Mevorah & Giglio Law Offices
630-932-9100
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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

CHICAGO

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

Phone: 630-932-9100

NAPERVILLE

1730 Park Street, Suite 202, Naperville, IL 60563

Phone: 630-420-1000
Subscribe to this list via RSS Blog posts tagged in retirement savings

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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Going through a divorce can be emotionally devastating, to the point that you feel depressed, anxious, and have difficulty concentrating. When your mind is not functioning properly, you may make mistakes that you will later regret. Here are some common divorce mistakes to watch out for.

  1. Relying on the wrong advice. Your recently-divorced cousin in Texas and your twice-divorced aunt in Indiana may have all kinds of advice for you. But the divorce laws in those states are different than the laws in Illinois. Listen to your local lawyer when it comes to matters of the law and the court procedures in your county. You may also want to consult a certified public accountant or certified divorce financial analyst to help you with financial projections and tax implications.

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One Stop For All Your Legal Needs

Whether you are going through a divorce, injured in an accident, need to file a workers' compensation claim, charged with a crime, immigrating to the United States, or need to file for bankruptcy, Mevorah & Giglio Law Offices can help. Our trial lawyers have over 40 years of experience helping clients throughout Northern Illinois from four offices in Lombard, Bloomindale, Naperville, St. Charles, and Chicago.

Steven Mevorah has assembled experienced attorneys under one roof so that his clients need not search for a new attorney each time they need help. Mr. Mevorah has also established a wide network of additional attorneys so that his clients merely need to stop by Mevorah & Giglio Law Offices to find the attorney they need.

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