Divorce for couples over the age of 50 may not have contentious child custody issues, but legal issues still abound. One of the most important legal issues that these couples must navigate involves the splitting of retirement assets.
People who live in Illinois and face the prospect of divorce must struggle with many challenges. When unable to agree on how to stay married, the process of agreeing on how to divide assets is rarely easy either. Property division determinations can be very complex in today’s society. For many couples, homes and vehicles are far from the only assets to be considered. Retirement accounts, other investments and business assets all become part of the mix. Perhaps two of the most complicated forms of assets to value and divide are restricted stocks and stock options.
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.
Most Illinois residents have either friends or family members that have gone through a divorce. They have also likely heard many stories of the hardships associated with this experience. Identifying marital property and non-marital property as part of an overall property division settlement alone can be hard. The added struggles associated with determining child custody, child support, spousal support and more only increases the potential for challenges to arise.
Ask anyone you know who has been through a divorce and you will no doubt get agreement from all that a divorce can be a very complex and emotionally draining experience. It can also be very financially challenging with one or both spouses losing some financial stability or assets. Dividing marital property is rarely easy but can be made simpler if a prenuptial agreement is in place.
Property division in a divorce is rarely a simple matter. Both parties are focused on an equitable division but may have different ideas as to what that actually means. There can be personal as well as business assets involved and some are easily quantifiable while others may not be. Simply put, dividing marital property is a complex matter.