Retirement Assets in Divorce - The law office of Glasgow & Olsson

Divorce Attorneys in Schaumburg, Illinois

Providing Legal Assistance in Protecting Retirement Assets During Divorce

Dealing with the stress of going through a Divorce is difficult enough without also having to worry about Property Asset Division. What many people do not realize is that asset division includes retirement benefits. In other words, in many circumstances, retirement assets can be considered marital property, which the court will divide equitably.

Understanding how the law works in Illinois is crucial if you are going through a divorce and are concerned about your retirement benefits and other assets. Working with an experienced divorce attorney who has handled complex divorce cases can help ensure that your retirement assets are protected throughout the process. Contact our office today to find out how we can help.

The Law in Illinois

In Illinois, “marital property” is defined as all property (including debts and other obligations) acquired by either spouse subsequent to the marriage except the following (which is considered to be “non-marital” property):

Property acquired by gift, legacy, or descent;
Property acquired in exchange for property acquired before the marriage;
Property acquired by a spouse after a judgment of legal separation;
Property excluded by valid agreement of the parties, such as a prenuptial agreement;
Any judgment or property obtained by judgment awarded to a spouse from the other spouse (with exceptions);
Property acquired before the marriage, except as it relates to retirement plans that may have both marital and non-marital characteristics; and
The increase in value of non-marital property.

This means that if your 401(k) (or similar retirement benefit) plan contains deposits made with marital funds, any money made in that 401(k) plan is considered to be marital property. However, any funds that were in the account prior to the marriage would be considered non-marital property. In order for a spouse to claim these funds as non-marital property, he or she would need to work with an attorney to trace those funds and prove that they were acquired prior to the marriage.

Under the Illinois Marriage and Dissolution of Marriage Act, the court must consider all relevant factors that appear reasonable and necessary in terms of deciding what is an equitable division of marital property, including:

The income and property of each property;
The needs of each party;
The realistic earning capacity of each party;
Any impairment which could interfere with the earning capacity of either party;
The standard of living established during the marriage;
The degree of complexity of the issues, including parental responsibility, any businesses owned, etc.; and
Various other factors, including those necessary to be just and equitable.

For any retirement assets that are not part of an IRA or SEP but are considered to be part of the marital estate, the court must abide by a Qualified Domestic Relations Order in order for the recipient spouse to be able to place these funds into a separate retirement account and avoid any penalties associated with withdrawing retirement funds early. However, any and all retirement assets must be allotted in accordance with the Internal Revenue Code in order to be tax- and penalty-free, thus working with an experienced attorney in crafting your divorce decree is key in order to ensure that this is all done properly and in accordance with the law.

Experienced Attorneys for Divorces Involving Retirement Assets

When dealing with retirement assets during a divorce, it is important that you seek the support of nationally-recognized, tried and tested legal professionals who have experience working with these complex issues.

At Glasgow & Olsson of Schaumburg, Illinois, our attorneys are fierce proponents for our clients. Contact us to find out how we can help.

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Testimonials

I Could Not Recommend a More Caring and Competent Attorney

I could not recommend a more caring and competent attorney. I had the experience of using Mr. Glasgow for three separate matters, and he was superb on all of them.

Peter R.

Awesome Attorneys

Glasgow & Olsson are awesome attorneys.

Dan N.

If you need help with a DUI case he is the person to call!!

In March of this year I was pulled over and arrested for DUI. I felt that is was unfair seeing I was just being honest with the officer. He pulled me over for speeding around 11:00 PM and asked where I was coming from and I told him. He then asked if I had been drinking and I informed his yes. I gave him the rest of the details and he had me do the field tests that he felt I failed. When he got me to the station and had me blow into the machine it was a .080 on the money.

I new that I would need an attorney and was referred to Thomas Glasgow. He interviewed me and gave me the plan of attack no guarantees but he felt confident. His firm handled my case with professionalism far above the norm in the industry. His staff (Yolanda Rosas and Danielle Cary) is top notch and treats you like family. Mr. Glasgow recommended that I have an Expert witness help on our case. His name was DR. Hensen and he helped clarify the machines limitations. This was one of the key factors of my case.

So after five months of court dates I was found NOT GUILTY by the judge. I’m convinced this was do the efforts of Thomas Glasgow and his team of professionals.
If you need help with a DUI case he is the person to call!!

Jon

Researched Numerous Attorneys…I Recommend Glasgow & Olsson

When faced with an accidental, yet legal matter this past year, I researched numerous attorneys in the Chicagoland area. In the end, I chose Glasgow and Olsson to handle my case. Probably the best move I could have made. Thomas Glasgow and his team were extremely professional and capable in their craft. Glasgow and Olsson did not disappoint and proved once again that it pays to do your homework. I would recommend Glasgow and Olsson to anyone looking for representation in a legal matter.

Scott G.

Has Done Miracles

Tom has been there for my family for somewhere around 4 to 5 years now as our lawyer. He has helped my family legally multiple times and from what a can tell has done miracles. I respect him and his knowledge more than I can say and trust him for that. The best thing I can say about Thomas Glasgow is that he is the kind of lawyer that truly cares about his clients and what’s best for them. I have personally seen him go above and beyond multiple times than what he even remotely had to. He is extremely prompt responding to you and is very efficient with his cases. He also has a heart of gold but is blunt with you on what to expect and how outcomes truly look. He’s not just another lawyer looking to make as much money as possible. He puts his clients best interest ahead of anything else.

Ashley

His Professionalism and Knowledge Will Put You At Ease

The first meeting with Tom I was at ease with his professionalism and knowledge. The communication throughout the entire process was excellent as well with his staff. I highly recommend Tom with any of your legal needs.

Casey D.

After Hearing Thomas’ Expert Presentation, The Judge Found Me Not Guilty

If you are reading this you are probably feeling stressed and anxious either for yourself or someone you love. I understand. My story: because Illinois has no look back period for old DUIs, even those more than thirty years old, I was in a panic when I was stopped in August 2019. Looking for the very best lawyer to represent me, I painstakingly researched attorneys online and met with several in person. At my first meeting with Thomas Glasgow I was impressed with his expertise and experience. He was forthright about my alternatives: because of the long ago DUI’s, either I would serve significant prison time or be acquitted. No middle ground. However, he was also confident that he could help me. His first recommendation was to contest the summary suspension of my license and against my expectations he succeeded in overturning it. Because of COVID and other delays, it would take another 12 months before the DUI trial would take place. During this prolonged and anxious time Thomas was attentive to all my questions and concerns and always treated me with respect and understanding. At trial Thomas’ years of experience were plain to see. His questioning of the arresting officers was highly organized and thorough. His demeanor was tough but polite. After hearing Thomas’ expert presentation and seeing the body cam video, the judge found me not guilty. I highly recommend Thomas Glasgow of Glasgow and Olsson. Thomas saved me. He has a combination of quality human traits and impressive legal skills which set him far above most in his profession.

Anonymous

You Can Rest Assured

Couldn’t be more happier and satisfied with having Tom and Stephanie handling my case. They were very responsive whenever I needed them and they were always able to explain my options to me in the easiest possible way. Their adroitness helped me get the needed outcome in my case. You can rest assured you are in good hands with them. Mental peace was what I felt the most working with them as they showed a personal connection that is usually missing.

Sushant B.

Removed The Stress and Anxiety

Very professional and personable! Exceeded my expectations on the overall outcome of my case. I was very pleased with my representation. Removed the stress and anxiety from the formal process. Reassuring and straight forward the entire way from start to finish. 10/10 would recommend to friends and family for potential future representation.

Ryan H.

Marvelous Lawyer & Great Person

Working with Mr. Glasgow was a pleasure and a breeze. He is extremely professional and an expert in his work. He is not just a marvelous lawyer but also a great person who cares deeply about his clients! We were also very pleased with his staff and their promptness and professionalism.

Fatima