Illinois residents may not realize that retirement savings are among the assets which need to be divided after a divorce. The way these savings are split can differ depending on the type of retirement plan people have, and it is important to understand the different ways retirement savings can be divided.
If you are getting divorced or considering a divorce in Illinois and you have a 401K account, you will likely want to learn about the qualified domestic relations order. There are many benefits of a QDRO and depending upon your divorce settlement, you may be able to take advantage of this special type of order.
When Ilinois parents decide divorce is the best option, determining child custody arrangements can be complex, and at times emotional. Since parents want what is best for their children, new studies encourage them to split custody whenever possible in order to seek the best outcome for the kids involved.
When you and your spouse have made the difficult decision to end your marriage in Illinois, you will then embark upon the process of understanding the many aspects of your life this decision will touch. While some amount of loss whether it be of hopes and dreams or of actual assets is unfortunately part of the process, there may be ways to limit some of the losses you experience.
Prenuptial agreements are important documents for soon-to-be-married couples, regardless of whether you have a lot of wealth and assets or not. Obviously the more assets you have, the more you will want to do to protect them. But that doesn't mean that people who aren't wealthy should ignore the benefits of a prenuptial agreement.
Have you heard about Illinois Senate Bill 3231? As of May 20th, 2014, it sits on Governor Quinn's desk. If you're in the middle of a divorce, or looking ahead to one, this Bill (if signed) will change your case. A re-write of Sections 504 and 505 of the Illinois Marriage and Dissolution of Marriage Act - that's maintenance, also known as alimony - will reform the way calculations are done. And for people trying to figure out how much they'll have to pay a spouse, or receive, it looks like good news.