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Chicago, IL 60602
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One of the legal consequences of a divorce is the separation of the marital assets by the spouses. When a judge issues a decree of absolute divorce, the court order does not only contain a statement severing the martial ties between the parties but also their absolute community of property or conjugal partnership of gains. There are many issues that will arise during the partition of the properties. Among those issues is how to divide retirement accounts in Divorce.
To ensure that your divorce case is handled in the most efficient and effective manner, it is important that you hire the services of a licensed firm sterling hughes divorce attorneys who has a good experience in the field of law. If you have some friends who have undergone the process of divorce, then call them immediately. Ask if there are some lawyers that they can recommend to represent you in court. During the proceedings, avoid concealing anything from your lawyer and from the judge. As much as possible, make proper disclosure of all your assets to avoid problems in the future. Read more here.
First of all, let us discuss what are these retirement accounts. These accounts refer to those that contain money in the form of retirement plans. Most of the time, it will be divided between the parties during their legal separation or divorce. However, there are some instances wherein the amount for retirement accounts may be awarded to only one of the spouses. The judge of the Family Court must see to it that he or she will issue an order based on the current and applicable rules governing asset division. Read more here.
The judges, in all cases filed before their Family Court sala, are given a wide discretion to decide the case. They are allowed to rule on the legal issues based on equity. Nonetheless, this does not mean that they can be arbitrary in making judgments. They have to comply with the procedural laws of the state. At the same time, all decisions of the judges must be based on a particular substantive law.
If you are party to a divorce case involving the division of retirement accounts, there is a need on your part to present the necessary evidence in order to establish your claim. The evidence to be submitted in court must be credible and reliable. Otherwise, the said evidentiary proofs will not be given weight by the court. The evidence will be considered as inadmissible. Read more here.