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West Dundee, IL847-428-7725
St. Charles, IL630-200-4882
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Serving Kane, McHenry, DuPage and Cook Counties
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Kane County divorce attorney asset division

Getting a divorce can have significant financial implications not only for your immediate future but also in the long term. In particular, it may have an impact on your retirement plans, especially if you are divorcing later in life. Statistics show that more and more older couples are getting divorced these days, referred to as “gray divorces.” It is important to be aware of the potential effects of ending your marriage at this stage and to consider options that allow you to keep your retirement goals within reach as much as possible.

Divorce and Your Golden Years

Often called the “Golden Years,” retirement can be an enjoyable time for active adults who are done working. However, divorce brings a number of changes that can affect your retirement plans, including:

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Kane County family law attorneysWhen a couple decides to legally end their marriage, there are many issues that need to be addressed. For example, if children are involved, who will be allocated parental responsibilities, child support payment amounts, and a parenting time schedule must all be resolved. Decisions regarding who will get what in the divorce settlement are also important. Marital property can include homes, furniture, vehicles, as well as monetary assets like savings or retirement accounts. Spouses who did not work or participate in any type of retirement savings plan may wonder if they are entitled to a portion of their partner’s account. In Illinois, marital property is divided according to the principles of equitable distribution. As a result, your future ex-spouse can receive part of your retirement savings even if he or she never contributed to the account.

Types of Retirement Plans 

There are many different types of ways to save for retirement. In today’s society, people do not always spend their entire career with one company like in years past. Employees often choose to roll over their retirement accounts as they change jobs. In some cases, a business might not even offer any type of savings plan for retirement, so workers might create their own through a bank or a financial planner. 

A few of the most common retirement savings plans include:

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