Involve an employee benefits attorney early, so the settlement agreement matches what the plan can actually do In Illinois divorces and across the country, a growing number of the marital settlement agreements (MSAs) reaching our office assign a specific amount of the...
Anne Prenner Schmidt, Esq., Master of Laws
Benefit Assignment
Alternative Assets in 401(k) Plans: A Dangerous Gamble with Your Retirement
The Trump administration’s recent executive order directing the Department of Labor to open 401(k) plans to alternative investments like private equity and cryptocurrency may sound appealing, but from a legal perspective, this policy shift creates serious problems for...
When Love Isn’t Enough: Protecting Same-Sex Families Legally
Despite overwhelming public support for marriage equality, lawmakers are pushing to overturn Obergefell. As an employee benefits attorney and ally, I want to help same-sex couples protect their families against this political assault. The American people have spoken...
QDROs, Death and the Grim ReaperCussions
During a divorce, parties often have employer sponsored retirement accounts to assign pursuant to their marital settlement agreement. To assign these accounts incident to divorce, the parties must enter a Qualified Domestic Relations Order (“QDRO.”) A QDRO is a...
Divorced in a Sunbelt State, But Have an Illinois Pension Interest?
Did you recently complete a divorce in Arizona, Florida, or Texas but you or your spouse earned a pension benefit from the state of Illinois? If you or your ex-spouse participated in an Illinois State Pension like TRS, IMRF, PABF, FABF, SURS, SERS, JRS or any other...
Why Offsetting Pensions in Divorce Might Not Be the Unicorn Solution You Are Hoping For…Using Present Value of a Future Pension as an Offset for a Current Marital Asset in Divorce
Our firm is often approached by parties and counsel to determine the present value of a future pension. The goal being to assign an exact dollar amount to a future payout in order to offset an asset currently held in the marital estate. Red flags immediately are...
Mitigating Risk for Your Client in a Volatile Market
Navigating property division during a divorce can be an emotional and exhausting journey. At times, spouses find it easier to simply split marital property equally, 50/50 not knowing that other division options may be available. Both parties are ready to close one...
IRA Assignments in Divorce
Often when you get divorced Individual Retirement Accounts (IRAs) can be one your most important assets both emotionally and financially. Unfortunately, it is common for these assets to be divided at the last minute in settlement, and in doing so attorneys can omit...