One of the key aspects of asset allocation in a divorce case pertains to retirement, deferred compensation, and investment accounts. These accounts can include pension funds, annuity, 401(k), 403(b), SEP, IRA, stocks, bonds, options, ESOPs, brokerage, mutual funds, and notes. Since Illinois implements an equitable allocation of the marital estate, that does not always mean it is an equal division of these accounts. Furthermore, there are oftentimes both non-marital and marital aspects to retirement and investment accounts that can affect their allocation, transferability, tax implications, and valuation no matter whether the account is held individually or jointly. The division of these accounts can be quite complex and require expertise and finesse in drafting the requisite documentation.
Some items that should be considered are that funds typically should not be transferred until the divorce is final, beneficiaries should also be updated and percentages rather than dollar amounts often apply due to the constantly changing values and natures of these accounts. Drafting certain orders or other plan administrator paperwork can also be required, depending on the account and the terms, such as Qualified Domestic Relations Orders for 401(k) and 403(b) accounts. Parties must also consult with their tax professionals to ensure that the transfers or withdrawals do not have a negative impact individually and certain language may need to be included in the marital settlement agreement or judgment for dissolution of marriage to ensure certain tax protections are in place. Because of all of these various components having an experienced family law attorney is crucial. Contact the trusted legal counsel at WARD FAMILY LAW, LLC, today to schedule a consultation.
I do not tend to write many reviews but I know that when something works you need to pass it along. This team works. For you. For your kids.
They are highly skilled at both negotiation and litigation - we were able to settle the financials but had to litigate the kid issues - Jennifer and Emily always put my interests first.
I'm grateful for the dedication during my child support case. They provided me with the guidance I needed to get me to the end.
I'm grateful!! Unmatched support and guidance from start to finish in modifying an old child support order.
Five stars! Jennifer and Emily were responsive, knowledgeable, and supportive throughout my divorce proceedings.
Choosing Ward Family Law was the best decision I made during my paternity case. Their dedication to achieving the best outcome for their clients and the kids is unmatched.
A big thank you!! The dedication and professionalism throughout my divorce proceedings - truly grateful. I couldn't have asked for a better legal team.
A big thank you!! The dedication and professionalism throughout my divorce proceedings - truly grateful. I couldn't have asked for a better legal team.
I appreciated the attention to detail and commitment to achieving the best possible outcome in my case. Highly recommended!
I cannot thank Jennifer and Emily of Ward Family Law enough for guiding me through a difficult divorce process. Their expertise in family law made all the difference.
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