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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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