110 E. Schiller Street, Suite 320, Elmhurst, IL 60126

Weiss-Kunz & Oliver, LLC312-605-4041

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IL divorce lawyerGetting a divorce brings about all kinds of issues that you must deal with, both emotionally and financially. Though the emotional side can be difficult to manage, the financial side has a lot of bearing on how your life will turn out in the future. Financial issues can be especially important for older couples who are nearing the age of retirement. Retirement accounts are assets that are usually quite valuable to both spouses, setting the stage for disagreements over how the assets will be divided. Ignoring or forgetting your retirement accounts during your divorce could spell disaster for your financial future. If you are getting a divorce, be sure to take these necessary precautions to help protect your retirement plans.

Understand What You Are Working With

Before you make any decisions, you should fully understand what type of retirement accounts you and your spouse have and the rules that govern each account. Common retirement accounts include employer-sponsored plans such as a 401(k) and individual retirement accounts such as an IRA. Each type of plan has its own rules, especially when it comes to dividing and distributing the funds.

Speaking with a financial adviser can help you figure out how you should divide your plans and how you can do so while avoiding any penalties or tax repercussions. A financial adviser will also be able to help you make sure you understand your financial portfolio so you can make informed decisions.

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IL family lawyerLike many Americans, your vehicle is probably one of the most important and valuable things that you own. In today’s world, many families have multiple vehicles to get them from one place to another. In the event of a divorce, deciding who gets the vehicles can often be straightforward, but there are certain issues that should be addressed before the final decision is made. Consider these things when making decisions about how to divide your vehicles in a divorce:

  • Is the vehicle separate or marital property? The first thing that you should consider when dividing your vehicles is whether the vehicles are marital or nonmarital property. If you purchased the vehicle before you were married, then it is considered nonmarital property and you keep the vehicle. If you purchased the vehicle while you were married, then the vehicle must be allocated to one of you.
  • What is the market value of the vehicle? When dividing your property, it can be useful to know the monetary value of your assets. When it comes to vehicles, one vehicle might be worth more than another because of the age or features of the vehicle. This can be used as a bargaining chip for other assets to make up the difference between the two.
  • Do you still owe money for the vehicle? Another consideration is whether or not you and your spouse are still paying on a loan for the vehicle. If you and your spouse cosigned on an auto loan, you are both legally responsible for paying off that loan. It is generally agreed that the spouse who keeps the vehicle is the spouse to continue paying for the vehicle.
  • Who gets the vehicles? Determining who gets what vehicle can be a straightforward process if you and your spouse each have your own vehicles. If you have more than one vehicle, you can award the vehicles by value or you can come to another agreement with your spouse.

Our Skilled Elmhurst, IL Property Division Lawyers Can Help

If you are going through a divorce, you may be wondering how you should divide your marital property. This can be a long and tedious process, with vehicles just being one facet. At Weiss-Kunz & Oliver, LLC, we are here to help you fight for your rightful portion of your marital estate. Call our knowledgeable DuPage County property division attorneys today at 312-605-4041 to schedule a consultation.

 

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Illinois divorce attorney, Illinois family lawyer, IL legal separation lawyerIllinois is an equitable distribution state, meaning that when you get a divorce, not everything you and your spouse acquired, such as property and assets, will be divided equally.

If you and your spouse cannot come to an agreement on how to divide your property and assets and decide to take your divorce to court, the judge will consider certain marital circumstances on how to divide your property, such as:

However, if your spouse is hiding assets from you in hopes they will not have to split it with you, things can get even more complicated.

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Illinois divorce attorney, Illinois family lawyer, Illinois collaborative divorce lawyerSome people may not realize that money they put into a retirement account, like a 401(k) or IRA, during their marriage is not theirs alone. When the marriage ends in divorce, those retirement funds will likely need to be split just like every other asset and debt the couple has acquired while they were married. In order to avoid paying large fees on a retirement plan withdrawal, the couple will likely need a QDRO (qualified domestic relations order). An attorney can help walk the parties through the process, as it can get a little bit complicated.

What Is a QDRO?

A QDRO is an official decree, which must be approved by a judge, that orders one party to transfer funds from his or her retirement plan to the other divorcing party. Information that must be included in the QDRO includes the plan participant’s name and either a specific amount or percentage of the benefits that are to be paid to the other party.

The party who is receiving the funds must then receive the money as if he or she was the owner of the plan. Then the payee may use the money as needed, which will result in taxes charged to the receiver of the money, or he or she may roll it over into another plan, which makes the transaction tax-free.

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divorceDivorce can bring on a rush of emotions and leave a person going through the process not thinking clearly. There is so much to think about that many assets may be overlooked. Both spouses are legally required to be upfront about their assets. Although there are often cases in which a spouse purposely hides assets, some items are quite simply forgotten when it comes time to divide up everything in a divorce.

Where to Begin with Property Division

Most people probably have no problem coming up with a list of assets and debts that will have to be split in their divorce. On the asset side, think bank accounts, the family home, cars, and investments. On the debt side, think mortgages, loans, and credit cards. These can be split evenly, or couples may have different ideas for who will get what. An experienced divorce attorney can help you iron out a fair deal in your divorce and can assist in making sure you do not forget about any other valuable items that you may be entitled to.

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