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West Dundee, IL847-428-7725
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Kane County divorce lawyersIf a couple has been married for many years, the decision to divorce is not an easy one. Since a lot of time and effort was put into the marriage, it can be devastating both emotionally and financially for one or both of the spouses. The division of marital assets is an issue that needs to be determined during the divorce proceedings, which can cause a lot of conflict if the spouses do not agree on how to divide everything, especially financial assets. One or both partners might have retirement accounts such as 401K, IRA, or pension. Even in an uncontested divorce, splitting the retirement assets can be confusing, so it is helpful to seek legal counsel to make sure both spouses receive what they deserve.  

What is Considered Marital Property?

According to Illinois divorce law, any marital property will be divided fairly and equitably, but not necessarily equally. This is referred to as “equitable distribution.” Marital property is generally considered all property acquired by either spouse during the marriage. This can include real estate, furniture, and vehicles, in addition to financial and retirement accounts.

A spouse may be entitled to a portion of the other spouse’s retirement plans, such as a 401(k), IRA, stock options, or pension benefits, and vice versa. If a spouse pays into a retirement account or a pension during the marriage, at least part of that account or pension is considered marital property, regardless if only one spouse’s income was paid into the account. All pension benefits, including those under the Illinois Pension Code, as well as stock options, acquired by either spouse during the marriage are marital property, regardless of which spouse participates in the pension plan.

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