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St. Charles, IL Pension Valuations Attorneys

Elgin Pension Valuations Attorney

Pension Valuations Lawyers Serving Clients in Kane County

When dissolving a marriage, establishing a complete and accurate picture of marital finances is essential. In Illinois, all marital property is eligible for division in a divorce. Proper and precise valuation of marital assets is the only way to ensure a fair division.

At the Kane County divorce law firm of Goostree Law Group, our attorneys are experienced in handling divorces involving all types of marital assets including pensions (also known as defined benefit plans). We assist our clients in obtaining accurate pension valuations so that they can be divided in an equitable fashion.

Valuing Pensions for Divorce in Kane County

If you have a pension, it is likely one of your most valuable assets. Even though a pension is in one spouse’s name, it is still subject to division in a divorce because it is a marital asset. Marital property is defined as any asset that is acquired during the marriage. Consequently, pension contributions made before the marriage are not considered marital property. Only the value increase to a pension during the marriage is subject to the property division process.

Assessing the current value for a pension and separating the portion of a pension that qualifies as marital property is a complicated process and requires the assistance of an experienced and knowledgeable valuation expert. There are different valuation methods that can be used for different types of pensions. It is not uncommon for spouses to hire their own valuation experts and for experts to disagree on the current value of the pension. It is important to hire a valuation expert that has the experience and capability to testify in court if necessary.

The court has several options when it comes to dividing pensions. In most cases, the court will either award the pension to one spouse (typically the employee spouse named on the pension) and offset the value with another equivalent asset or share of asset, or the court will award a share of the pension to the other spouse. If the non-employee spouse is awarded money from the pension plan, a Qualified Domestic Relations Order, or QDRO, is usually needed to execute the court’s order. Our attorneys are skilled in drafting QDROs that effectively convey the court’s decision and ensure proper payment.

If you are getting divorced and your marital property includes a pension or other retirement assets, contact us at 630-584-4800 to schedule a free consultation. We will examine your financial circumstances and discuss your options for property division. Our attorneys represent clients throughout Northern Illinois, including Kane County and the surrounding counties.

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