630-462-9500

After Hour New Client Telephone Number 630-690-6077

1776 S. Naperville Road, Building B, Suite 202,
Wheaton, IL 60189
The Stogsdill Law Firm, P.C.
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Whether you are nearing retirement age, or still have years or decades to wait, it is never too early to think about retirement. This is especially true for those who are planning on filing for divorce. Assets, including retirement accounts, are subject to equitable distribution during the process. Failure to consider how this will impact your retirement could have negative consequences, long into the future. In contrast, those that plan effectively and consult an attorney during their divorce are more likely to be prepared for retirement. Learn what you need to know to achieve the latter.

Distribution of IRAs During Divorce

Individual retirement accounts, typically purchased by an individual, are generally considered marital property. In this instance, the non-owning spouse's portion is usually rolled over into a new IRA account under their name. However, those that were initiated prior to the marriage may be considered exempt, as long as marital funds were not contributed to the IRA account. Keep in mind that here may be other limitations, exclusions, or variances as well. An attorney can help you understand how your divorce may affect an IRA that belongs to you or your spouse.

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A prenuptial agreement is one of the best documents you can have for your retirement. Most people begin hitting their peak earning years after the age of 40. This is also the time many people begin to seriously plan for their future retirement. A prenuptial agreement is a way to make sure that both spouses protect their future financial interests.

Divorce Trends

Overall divorce rates have stabilized over the past several years. However, divorce rates have increased for those over the age of 50. There are several factors in play. One factor is that many people over the age of 50 are on a second marriage.

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