In many divorce settlements, retirement assets are addressed in a single paragraph near the end of the agreement: “The accounts shall be divided equally by Qualified Domestic Relations Order.” On paper, that sounds straightforward. In practice, it rarely is. For many...
Anne Prenner Schmidt, Esq., Master of Laws
DIVORCE – Property Division
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...