Pensions, 401Ks, and Annuities

Pension, Retirement Fund Lawyers

A woman has been contributing to a 401K retirement plan for 25 years, but has only been married for nine years. In a divorce, does her husband have the right to receive a portion of what she contributed to her retirement plan before the marriage?

A man retires and begins to receive pension benefits after 40 years on the job. He was married for 15 of those years and is now divorcing. What is his wife's fair share of the pension?

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At the Chicago law office of Richard D. Doermer, Ltd., our attorneys help clients achieve a fair and equitable division of marital assets, including pension and retirement funds. We prepare QDROs, qualified domestic relations orders, to ensure that our clients receive the appropriate level of employee pension benefits. We are also skilled at the division of 401K investments and annuities, as part of the marital estate.

As illustrated above, the division of retirement assets is often complicated by the co-mingling of marital and non-marital money. If the asset is earned during the marriage, it becomes a marital asset, whether the retirement benefit is a pension, IRA, Keogh, 40K, 403B, or part of an employee stock option plan (ESOP).

We will discuss whether it is to your advantage to receive the present day value of the plan or to divide it into two accounts. Whatever option you choose, our lawyers will counsel you on the tax implications so that you retain as much as possible the tax advantage included in the original asset.

To discuss your concerns regarding retirement assets and divorce, please contact our law firm today to schedule a consultation.