As a QDRO attorney in Illinois, I frequently work with divorce lawyers and family attorneys to create the orders needed for dividing retirement assets such as pensions plans and 401k accounts.
QLC recently asked some questions of Chicago divorce lawyer David Wolkowitz (see his website). People hoping to divide retirement assets might find his answers useful. This is what attorney David Wolkowitz (DW) answered:
Q: What’s the biggest problem in retirement division?
A: When people get divorced, they’re normally happy to get the process over with and move on with their life. Unfortunately, that can cause them to neglect the division of retirement assets like 401k accounts and pensions. People who don’t pay sufficient attention to dividing retirement accounts are at risk of losing money prolonging their divorces. It is a game of pay now or pay more later. Thus, the longer you wait, the more you may lose. [click to continue…]
Divorcing couples stand to lose money and control over retirement assets – often the biggest marital asset to be divided in a divorce. Loss of money and control happens because QDROs and other retirement and pension division orders are greatly misunderstood by divorce attorneys. Even some self-proclaimed QDRO experts do a poor job with them, because they don’t have enough knowledge of retirement plan laws and how retirement plans really operate. Here is what you need to know to keep control of your money, and of your assets to be divided with your former spouse. [click to continue…]
One of the most misunderstood issues in a divorce is the division of retirement accounts and pensions between the divorcing couple. Parties to a divorce risk losing money and benefits because of mistakes made in this area. Here are 10 tips to be in control of your rights and protect your money. [click to continue…]