Illinois Lawyers Handling QDROs
Following a divorce, there are financial planning considerations that must be finalized. When your divorce decree orders the division of retirement accounts, you must navigate a system of forms and subsequent orders. At Thomas W. Hunter, P.C., in Illinois, we are equipped to guide you through the process of fairly dividing retirement plans and parting ways in a manner that provides for both spouses into the future.
Protecting Your Retirement Assets After Your Divorce
We will contact the organization with whom you have your retirement plan to find out how the accounts must be divided. We will knowledgeably draft the appropriate orders and requests to have the plans divided in a way that is agreeable to both parties. After the spouses have signed off on the agreement, the judge can then approve and finalize the division.
Until this process has played out, the accounts are not actually divided. Because of this, there is the opportunity for one spouse to change the account, for instance taking loans out from a 401(k) and depleting the account. This leaves less money for the other spouse.
Without skilled legal representation monitoring activity and vigilantly looking out for your interests, you risk losing assets that are rightfully yours. We know what to look, and we will make sure that your interests are protected.
Extensive Knowledge Of The Separate Process For State Employees
This process can be complicated when one spouse is an Illinois state employee with specialized state-facilitated retirement planning. QILDRO agreements are designed for state employees of Illinois, providing retirement options. Similar programs include SURS QILDRO for state university employees and TRS QILDRO for teachers. This order operates differently for union and nonunion workers.
Talk To An Attorney At Thomas W. Hunter, P.C.
We are also available to provide assistance with ERISAs, IRAs, Roth IRAs, KIOs and 401(k)s. We understand the nuances of each and are able to guide you through the complexities of these programs.
Our lawyers are skilled in helping parents use QDRO orders to recover money for child support and medical bills of the child.
To arrange a free consultation to learn how we can help you in the division of your retirement funds and assets, please contact our office today.