Kane County Asset Protection Attorneys

Divorce Lawyers Assisting Clients with Savings, Retirement, Investments, and Asset Distribution

During a divorce proceeding, identifying and dividing marital property are often hotly contested issues. These considerations can be especially complex when they involve long-term investments, savings, and retirement plans. If you have saved money in a retirement account throughout your career, you may be planning to rely on the amount you have saved to meet your needs later in life. However, if you have been a stay-at-home parent or have not earned retirement benefits during your career, you may need to rely on income earned by your spouse and the money you and your spouse have saved to provide for your future needs. To protect your financial interests both now and in the years to come, you will need to make sure issues related to your property and finances will be handled correctly during your divorce.

The property division attorneys at Mirabella, Kincaid, Frederick & Mirabella, LLC, have decades of combined legal experience, and we possess the knowledge and skill to help you get the property settlement you deserve. We will advise you of your rights regarding marital property, including money you and your spouse have saved, benefits you have earned, or investments you have made during your marriage. We will advocate on your behalf when negotiating a property settlement, ensuring that your financial interests will be protected.

Illinois Equitable Distribution Attorneys

According to the law in Illinois, marital property must be divided equitably in a divorce, but not necessarily equally. Each spouse is awarded a portion of the marital estate based on consideration of a number of factors, including their respective ages and incomes, the length of the marriage, each party's contributions to the marital estate, child custody and child support arrangements for the couple's children, and any other relevant issues that may affect the spouses. When dividing property, each asset must be identified as marital or non-marital, and its value must be determined accurately. For some assets, such as retirement savings and investments, determining the status and value can be quite complicated.

Complex Accounting

Calculating the value of retirement accounts or long-term investments requires the skills of an experienced accountant or financial professional. At Mirabella, Kincaid, Frederick & Mirabella, LLC, one of our managing partners, Attorney George Frederick, is a degreed accountant who is equipped to help you with evaluating your assets. If you began saving for retirement before you got married, if you earned benefits from an employer during your marriage, or if you and your spouse both contributed to savings and investments, we can also assist you in determining how different assets should be subject to division in your divorce. By providing you with a complete picture of your financial situation, we can help ensure that you will be able to reach agreements that will protect your financial interests.

Property Division and QDROs

When a retirement account is divided, the financial institution that holds the account will often require a qualified domestic relations order, or QDRO, to ensure the assets are disbursed properly to the correct party. By using a QDRO, you can ensure that taxes will not be applied to the amounts withdrawn from a retirement account, and you can also avoid any penalties that would typically apply if funds were withdrawn before the account holder reached the age of retirement. Our attorneys will help determine if a QDRO is needed or if other methods may be used to withdraw and transfer funds based on the circumstances of your case. We will prepare all of the necessary documentation to ensure that your assets can be divided correctly.

Contact Our Wheaton Retirement Account Division Lawyers

For more information about dividing retirement savings, accounts, or investments in a divorce, contact the offices of Mirabella, Kincaid, Frederick & Mirabella, LLC. Call 630-665-7300 and speak with a qualified divorce lawyer about the complexities of your situation. We are proud to serve individuals and families in Wheaton, St. Charles, Naperville, Geneva, Downers Grove, Elgin, Batavia, Barrington Hills, Aurora, and the rest of DuPage Couty and Kane County. Let us show you how we can help you.