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'm so thankful that I found Jennifer and her awesome team to help me with my divorce! It was incredibly stressful and scary to go through this process, especially with two little ones, but she has given me the support and confidence that I need. She is extremely intelligent, level-headed, supportive, and reasonable! I was anxious in the beginning thinking that I would have to go to court, but she gave me the peace of mind that I needed to get thru it and not be anxious. I would highly recommend her to anyone going through this difficult process. I…
She is a nice lawyer. She helped me to fix my passport issue among other things, including family problems.
Initially, I'd thought to navigate through troubled waters on my own in the divorce process due to the cost. I hadn't before needed representation in any court case, and, not being familiar with the costs involved in having a lawyer, I was worried about moving forward with one. My fear was the expense. I felt comfortable with Jennifer Ward from the moment I first spoke with her - contacting her to set up a consultation costs you nothing. In the end, the retainer and fees spent to end my case on a high note were worth every penny. They sent…
As with most family law issues emotions were running very high and I needed legal help with my divorce and to reach my goals for parenting time with my children. I found WARD FAMILY LAW after a lot of research and everyone there worked out great for me. They always took the time to listen to the situation and really assess what the best plan of action would be. They really helped with the situation and helped me get to a place of peace with my divorce and time with my children. I highly recommend them!
Jennifer Ward and the lawyers at WARD FAMILY LAW were the perfect attorneys for me in a very complex and challenging child custody case. This was an intensely painful, frustrating and contentious relationship with the father throughout the months it took to resolve parenting time. Jennifer was patient, affirming, honest, realistic, and available at every turn. She explained the various court actions and helped me balance the risks and benefits of each move. Her advice was right on. After countless court dates, I got more than I could have ever imagined or dreamed of. Words can't express the gratitude I…
Jennifer Ward of WARD FAMILY LAW made me feel safe and comfortable, but most importantly heard. Her whole legal team was professional and communicated well. Fast responding when I had questions... I feel like they really understood my concerns and backed me up and that felt good! I would recommend her to anyone looking for support through the divorce process.
I typically do not do reviews but after my experience interviewing lawyer after lawyer, I felt compelled to share my experience. So many offer a “free consultation” but don’t be fooled. Often this is just to get you in their office and start charging. I was referred to Jennifer by a friend and didn’t go right away. When I felt like I had exhausted all my options I called Jennifer for her free initial consultation - which was actually free - she took the time to listen to all the facts of my case, my concerns, what outcome I was…
Highly recommended. I know Jennifer Ward personally and professionally - she has an apt ability to provide meaningful insight and clarity into complex issues. I have and will continue to recommend her services to anyone seeking legal assistance.
Jennifer was very helpful, professional and gave me very sound advice. The process was quick because she filed everything in a timely manner. I'm very happy with how she represented me.
Working with Jennifer was a smooth and seamless process. I was most impressed with her negotiation skills, attention to detail, and knowledge of the law. I highly recommend WARD FAMILY LAW to anyone looking for a skilled attorney.
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