QILDROs And Illinois Divorce
Located in Barrington, Illinois, Richard W. Culver, Ltd. furnishes legal advice and representation pertaining to proposed Qualified Illinois Domestic Relations Orders (QILDROs) in divorce/dissolution of marriage cases. Consider Richard W. Culver, Ltd. to help you protect and preserve your legal rights and financial interests during the divorce process .Safeguarding Retirement Benefits | Qualified Illinois Domestic Relations Order (QILDRO):
In an Illinois divorce case, retirement benefits, if made or contributed to during the marriage, may be a substantial portion of the marital estate. A legal issue arises as to whether the retirement benefits, if considered marital property, were made to a private retirement plan or to a public retirement system.
If the retirement benefits were made to a public retirement system and if the retirement benefits are considered marital property and will be divided between the spouses, then a Qualified Illinois Domestic Relations Order (QILDRO) will be necessary. Examples of Illinois public retirement systems include the following:
- Teacher's Retirement System
- Policeman's Annuity and Benefit Fund
- Fireman's Annuity and Benefit Fund
- Illinois Municipal Retirement Fund
- State Employees Retirement System
Please note that a public retirement system cannot pay an alternate payee, such as a former spouse, based upon a Judgment of Dissolution of Marriage, incorporating a Marital Settlement Agreement; rather, a public retirement system can only pay those retirement benefits to a former spouse according to a Qualified Illinois Domestic Relations Order (QILDRO). A Qualified Illinois Domestic Relations Order (QILDRO) creates or recognizes the existence of an alternate payee's right to receive all or a portion of a member's accrued benefits in a public retirement system.
Due to the complex nature and the significant legal and financial implications involved in property division and in the preparing of a Qualified Illinois Domestic Relations Order (QILDRO), a QILDRO Consent Order, and/or a QILDRO Calculation Court Order, it is prudent to seek the counsel of a skilled matrimonial and family law attorney. At Richard W. Culver, Ltd., we can help you learn more about Qualified Illinois Domestic Relations Orders (QILDROs), and we can evaluate your specific situation.Contact a Barrington QILDRO Lawyer at Richard W. Culver, Ltd.
If you have any questions or concerns pertaining to Qualified Illinois Domestic Relations Orders (QDROs), call 847-382-2900 or complete the online contact form to arrange a confidential initial consultation at Richard W. Culver, Ltd. Evening and weekend appointments are available in order to accommodate clients' schedules. Review seven tips for your initial consultation with a divorce attorney.