For Peoria area residents, retirement accounts are often one of the most valuable assets they own besides their home. In a divorce situation, a person may wonder what will happen to their retirement savings. Property division can be a contentious issue in a divorce and should be taken seriously because of its long-term implications.
In Illinois, retirement accounts, including pensions, are a valuable asset for many couples. Usually, retirement accounts are only divided if they are considered marital property. If a spouse pays into a retirement account while they are married, then at least part of that account will be considered marital property. It doesn’t matter if only one spouse’s income was paid into the account.
When it comes to dividing property in a divorce, it can be a good idea to consult with an attorney who is skilled in divorce law. An attorney understands that each situation is unique. They can explain to their client how property division works in Illinois and can help their client make informed decisions.
Property division can be contentious so having an attorney on their side can make a difference. A person’s financial future can suffer if they don’t handle the property division properly. An attorney wants to ensure their client and their client’s family is in the best financial position possible when the divorce is finalized.
In Illinois, retirement accounts are often valuable marital property. It is important that a person who is going through a divorce understands how property division can affect their financial future for many years to come.