Getting a divorce in Illinois is often an expensive and time-consuming process. Spouses considering divorce will often carefully review their circumstances to find out if there’s a way to limit what their spouse receives in the divorce or what expenses they will incur by ending their marriage.
Other than your marital home, your retirement account could be the most sought-after asset in your pending divorce. Whether you were the spouse who holds the retirement account in your name or you are a non-working spouse who wants to know your rights, it’s important to understand Illinois law regarding asset division before you make any decisions about a retirement account in a divorce.
Equitable distribution – earnings from your marriage are divided
Unless you have a prenuptial or postnuptial agreement, the income you earn and assets you acquire during a marriage will be split between you and your spouse in the event of a divorce. Equitable distribution laws require that the courts not only look at who earned the income, but the courts also look at other factors such as: the length of the marriage, the economic prospects of each spouse, and unpaid contributions to the household made by each spouse.
Someone who did not make deposits into a retirement account or who didn’t accumulate a pension, may claim a share of the pension or retirement account their spouse funded during their marriage. Generally speaking, any money deposited during the marriage and interest that accrues on it will be subject to division, while deposits made prior to the marriage.
The attorneys at Denis M. Gravel & Associates, P.C. can assist with ensuring that you receive a fair share of the retirement savings in your divorce. Call our firm for a free consultation – 847.855.8447