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Go into property division proceedings with a clear head

Posted on in Property Division

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Going through a divorce means taking a long, hard look at your entire life. Every aspect of your life from where you live to your bank accounts will come into the picture. During this process, it is important for you to understand how property division and other factors of the divorce can impact your future. This is especially true when you are dealing with retirement accounts and the marital home.

If there are retirement funds that are going to be split during the divorce, you need to make sure that you have a qualified domestic relations order for the funds. The QDRO spells out exactly how the plan administrator has to disburse funds from the retirement account.

If the retirement fund is an individual retirement account, you typically won't divide that fund. In most cases, the IRA account will go to the spouse who originally owned the fund. The exception to this is if the other spouse put money into the IRA. In that case, the contributing spouse could receive part of the fund that is the proportionate to the contributed amount.

The sale of your marital home is another big divorce settlement consideration in Illinois. There are three choices to consider, each of which should be looked at from a practical standpoint instead of an emotional one. The first option is that either you or your ex can buy out the other person and remain in the home. The next option is that you can sell the home and split the money later. The final option is that you can sell the home and split the money now. Each of these has impacts that you must carefully consider.

No matter what you are considering, you need to make sure that it puts your future at the top of the list of focuses. You can't let wanting to make your ex miserable the focus when the property division process is what can help you or hurt you for years to come.

Source: FindLaw, "Divorce, Taxes, and Your Estate Plan," accessed Sep. 27, 2016

Tagged in: Property Division
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