Elgin, IL Lawyers for Retirement Protection
Experienced Divorce Attorneys Protecting IRAs, Pension Plans, and 401(k) Plans
Most people spend decades planning for their retirement. They make calculated contributions and wise investments, enroll in stock purchasing options, and bide their time, waiting for their hard work to pay off. However, if a divorce happens along the way, that carefully planned retirement could be put at risk.
At Pucci Pirtle, we understand how unnerving it can be to learn that your retirement savings might be in jeopardy. We recognize that you have worked hard and may have even made sacrifices to ensure your later years will be well-lived. Our attorneys are dedicated to preserving your best interests, and we can help protect your retirement plan and financial future.
Retirement Plan Distribution
Unless it has been excluded from the marital estate in a prenuptial agreement, IRAs, 401(k) plans, pensions, and most other retirement plans must be accurately valuated and then equitably split between both parties. This does not necessarily mean you have to sell the plan, however. If you have an asset (or a collection of assets) of the same value, our attorneys may be able to negotiate a settlement option that could help you keep your retirement plan intact. If a negotiated settlement is not possible, we can take the matter to court and aggressively litigate on your behalf.
The overall value of your marital estate and the value of your retirement plan are critical factors in determining which distribution option may be most appropriate for your divorce. There may be other important factors to consider as well, including:
- The impact that a surrender of other assets might have on your current living standards;
- Whether or not liquidating other portions of the estate might be more beneficial, both immediately, and in the future;
- Potential tax consequences;
- Exemptions or exclusions that may have been listed in a prenuptial agreement; and
- Your current age and the age at which you wish to retire.
Consult Skilled Elgin, IL Divorce Attorneys
Pucci Pirtle can help you consider these factors, and how the decisions you make today might impact your future. Our lawyers will take the time to answer your questions and ensure you have the power and knowledge necessary for making well-informed decisions about your retirement plan. Contact us at 847-426-1866 in Elgin, IL or 630-945-8807 in St. Charles, IL to schedule your free initial consultation. We also serve clients in the surrounding areas of Geneva, Crystal Lake, Huntley, and Algonquin, as well as those in Kane, McHenry, and DuPage Counties.