Going through a divorce can be difficult, especially when there are uncertainties regarding how things like finances, property, and retirement savings will be divided. Often, couples question how a divorce will impact their retirement savings and worry about providing for their future. At Demetrios N. Dalmares & Associates, Ltd., we’re here to help couples divorcing in Illinois protect their future and ensure they don’t lose what’s rightfully theirs.
To determine the proper way to divide retirement savings, the court will dictate if the savings is marital or nonmarital property. While marital property is anything that was obtained during the marriage by either spouse, nonmarital property is anything obtained before the marriage’s start. For example, if a couple purchased a home together after marriage, the home would be considered marital property. If a retirement savings plan begins after the marriage, it is deemed marital property. Additionally, if a spouse started a plan before the marriage but continues to pay into the savings, that money can be considered marital property. Distinguishing between marital and nonmarital property helps a court determine which spouse should be entitled to certain funds, including retirement savings, regardless of whose name is on the account.
Nonmarital retirement savings will be designated to the individual who acquired the funds. However, Illinois considers marital property to be the rights of both spouses, though this doesn’t mean they will evenly split the funds. Illinois is considered an equitable distribution state, which means the court will split retirement funds in a way that’s fair to the couple but not necessarily equal.
Couples can request how they’d like their funds to be split. Often, couples request to separate their retirement savings, especially if the plans are roughly equal in value and each spouse has made their own payments to the plan. Additionally, if an individual doesn’t wish to split their savings, they can give up other assets that would be equivalent in value. The court will consider what part of the savings is marital property, how much each spouse has contributed to the account, and the financial needs of each spouse in determining division. They will then decide how much each spouse is entitled to give the other or whether they can keep their own accounts.
An attorney at Demetrios N. Dalmares & Associates, Ltd. can help explain your rights during divorce proceedings and ensure that you are financially secure post-divorce. Our team can help you distinguish between your marital and nonmarital property and address any concerns you may have in court. Additionally, we will ensure that your savings are protected during divorce proceedings.
Contact our team today if you have questions about your retirement savings during divorce proceedings. We look forward to hearing from you soon.
Demetrios, I cannot thank you enough for you diligence, patience, knowledge, concern and determination to represent my best interest. From the bottom of my heart, you are amazing and thank you for all you have done for me. Robin
With Demetrios, you don't have to worry about anything. He knows what he's doing. I have two lawyers before him. It was a long case and messed up for 2 years. Since Demetrios took my case, he finished it in a couple of months. He is very organized and smart, and he will take you through that very smooth process. Thank you so much Demetrios, I owe you a lot.
Demetrios Dalmares is a very good attorney. He did a great job in assisting me through my divorce. This is the attorney who will get the job done!
Demetrios has helped me through a very difficult time in my life. He is not intimidated by increased levels of challenges. He has been able to adapt to my unique circumstances and get over every hurdle with confidence. He's intelligent, kind and a good listener. I wholeheartedly recommend Demetrios and his excellent staff to all my family and friends. I assure you that his commitment to helping others is reassuring, and I hope it sets your mind at ease.
Mr. Dalmares was great to work with. He walked me through the process and kept me updated on any updates that had occurred. Highly recommended!
Thank you, Demetrios, for your tenacity, attentiveness and patience in working with me in finalizing my divorce. God Bless
5-star team, very helpful, very friendly, punctual. Hired for a paternity case and was very pleased with the outcome. Demetrios is great; I highly recommend!
I recommend Demetrios Dalmares with the highest praise as a divorce attorney. My divorce was settled quickly and without any unnecessary drama. I was updated regularly regarding the progress of my case. He was extremely knowledgeable, diligent and persistent. Demetrios Dalmares was clearly working in my best interest and the best interest of my three children. He is definitely the attorney you want on your side when going through a divorce. I cannot thank or recommend him enough!
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Husband: Couple shared ownership in a business, resulting in complex property division issues. After investigation of the couple’s financial history, our client received a much more equitable divorce agreement than what was originally offered.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Mother: Father became aggressive and violent toward Mother during their separation, prompting her to seek full custody of their children. At trial, the court granted Father supervised parenting time only and Mother was awarded child support.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Husband: Couple had been locked in a contentious divorce for nearly three years and changed lawyers several times. Law Office of Demetrios N Dalmares and Associates Ltd. provided the experience and organization needed to resolve the case within months, avoiding a trial for our client.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Wife: Wife left a successful career to raise children. When Husband denied spousal support based on Wife’s previous earnings, Law Office of Demetrios N Dalmares and Associates Ltd. countered with evidence that retraining was needed, and our client was awarded spousal support.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Wife: Husband tried to intimidate Wife into a divorce settlement that heavily favored his interests by drawing out the case. Law Office of Demetrios N Dalmares and Associates Ltd. represented Wife through trial, where she received an equitable share of marital assets.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Father: Mother began cohabitating with a new partner who made significantly more than our client. Law Office of Demetrios N Dalmares and Associates Ltd. successfully demonstrated that the new relationship justified a modification and obtained a favorable outcome through negotiation.