Of the many assets that will be divided during a divorce, it may be easy to overlook or underestimate pension plans, 401(k)s and other investment accounts. According to the U.S. Department of Labor, more than 46 million people in Illinois and across the country have employer-provided retirement accounts. This kind of property is subject to division no matter the age of the divorcing couple as long as the funds were acquired during the marriage.
A marriage can end anytime, but according to a recent report, January seems to be the most popular. People in Illinois and across the country have a lot to consider when weighing complex divorce issues. Children, finances and, of course, emotions all play a key role in the process. When weighing those factors, it appears that people end up choosing the beginning of the year to end a marriage.
In 2011, roughly 33,789 people in Illinois went through a divorce or annulment. According to the Illinois Department of Health, that is only slightly up from the same number of people who experienced a divorce in 2010.
Families that operate a business are often faced with a set of difficult decisions when a divorce arises. At Lois Kulinsky & Associates, Ltd., we know that you might have to consider the following: