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.
Jennifer is a strategic thinker with a remarkable ability to anticipate and address potential challenges. Her attention to detail and thorough preparation were evident in every aspect of my paternity case. This meticulous approach translated into a successful resolution of establishing the father-child relationship and financial responsibility that comes with that. I felt well-represented both inside and outside the zoom courtroom.
I was referred to the firm for their expertise in handling complex business divisions during divorce proceedings. As someone entangled in a high-stakes divorce involving substantial business assets, I can attest to their unparalleled skill, strategic acumen, and unwavering commitment to securing the best possible outcome for their clients. From the business valuation to the creative distribution, thank you.
If you own a business or an interest in a business or stock options (or anything of real value related to a business) then you need to make sure that your divorce attorney knows what they’re doing. My first attorney had no idea and so I had to start over finding the right team that had extensive family law and divorce experience that I needed in Chicago. Their deep understanding of corporate structures, financial statements, and tax implications showcased a level of competence that instilled confidence throughout the entire process. They collaborated seamlessly with financial experts, forensic accountants, and other…
The firm’s negotiation skills were instrumental in reaching a favorable settlement that protected my financial interests while mitigating the emotional toll often associated with divorce proceedings. Enough said. Ward family law has the best team of experienced lawyers to get you what you want and deserve.
For anyone facing the challenging intersection of divorce and complex business matters, I wholeheartedly recommend Jennifer and Emily as legal eagles who goes above and beyond to safeguard their clients' interests.
Just as their law firm philosophy stated, Jennifer and Emily consistently maintained an open line of communication, promptly responding to my emails and keeping me informed at every step of the legal divorce process. This transparent approach not only fostered trust but also allowed me to actively participate in my case, making informed decisions with confidence.
What truly sets them apart from the other matrimonial lawyers is their keen attention to detail. They approached our unique situation with a meticulous eye, taking the time to understand our needs and concerns in getting married. The resulting prenuptial agreement felt tailor-made, a testament to that clear commitment to delivering personalized legal solutions.
My entire marriage was reactive. The proactive approach proposed by Jennifer alleviated any apprehensions I had, fostering trust in her team’s family law expertise and being able to understand her client’s needs. In the courtroom, the senior legal associate, Emily, demonstrated a command of legal strategy woven in with facts unique to my situation. The case was settled, but not without some court battles to get us there. Thank you for the fight when I needed it and the negotiation of settlement when it was time.
Zoom courtroom presence is odd, to say the least. Somehow, Emily was able to show herself as both assertive and composed in a zoom setting, instilling confidence that my interests were being fiercely defended. Divorce isn’t fun, but I can tell you it’s nice to have the right people on your side during the process. Ward family law did that for me.
I recently had the privilege of working with Jennifer - she has to be one of the most outstanding legal professionals in Chicago. I don’t write reviews often, but I am compelled to share my experience with others seeking top-notch representation during a divorce. I was referred to her - she is renowned for her expertise and dedication to families, which proved her to be an invaluable ally during a challenging period in my life that had me at risk of losing my kids. She demonstrated a profound understanding of the intricacies of divorce law. Her comprehensive knowledge of the…
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