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Category Archives: Retirement Benefits
Returning to School in Middle Age: Hey Mom, I Got an LLM!
Well, if anyone had told me that I would go back to school at age 51, I would have told them they were crazy. I was not looking to return to school at that point in my life. However, I … Continue reading
Am I Frozen Out of My Spouse’s Frozen Pension Plan?
Many traditional defined benefit pension plans that provide a monthly annuity payment to the employee at retirement have been frozen over the past decade. There are a number of reasons why corporations are freezing their pension plans, mostly economic. What … Continue reading
Posted in Divorce, Retirement Benefits
Tagged Chicago Divorce Attorneys, Divorce, DuPage Divorce Attorney, Frozen Pension, Illinois Family Law, Illinois Pension, Illinois QDRO, Lake Forest Divorce Attorney, Pension, Pension and Divorce, QDRO, Qualified Domestic Relations Order, Retirement Benefits, Schiller DuCanto & Fleck, Wheaton Divorce Attorney
Civil Unions and Employment Benefits Issues in Illinois
The Illinois Religious Freedom Protection and Civil Union Act went into effect on June 1, 2011. A civil union creates a legal relationship between two persons of either the same or opposite sex who now may be defined as a … Continue reading
IRA Transfers and Withdrawls
Let’s talk Individual Retirement Accounts (IRAs). Nationally, the amount accumulated in IRAs is approximately 25% of all retirement wealth. It is very likely that IRAs will be divided in a divorce action. One or more IRAs may need to be … Continue reading
Flash Point: Court Should have Reevaluated Retirement Account when Entering QDRO
In a second appeal, the husband challenged the trial court’s finding after remand that would cause him to bear the majority of a retirement account’s loss when entering a QDRO. In its original judgment for dissolution of marriage in 2007, … Continue reading
Posted in Divorce, Recent Cases & Law, Retirement Benefits
Tagged 401(k), Chicago Divorce, Divorce, Divorce Attorney, DuPage Divorce Attorney, Illinois Divorce, Illinois Family Law, IRA, Marital Property, Pension, Property, QDRO, Qualified Domestic Relations Order, Retirement Benefits, Retirement Funds, Schiller DuCanto & Fleck
What to Do With Your Social Security Tax Holiday
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a one-year tax “holiday” for taxpayers by reducing the amount of Social Security taxes collected. A tax reduction, you say? How is that going to work? The … Continue reading
Don’t Forget Your 401(k)!
A recent study showed that half of American adults who have participated in a 401(k) or equivalent retirement plan, but who have changed jobs, have left at least one of their accounts with a previous employer instead of rolling those … Continue reading
Posted in Divorce, Retirement Benefits
Tagged 401(k), Chicago Divorce, Chicago Divorce Attorneys, Divorce, Divorce Attorney, DuPage Divorce Attorney, Illinois Divorce, Illinois Family Law, IRA, Lake Forest Divorce Attorney, Marital Property, Pension, Property, Retirement Benefits, Retirement Funds, Schiller DuCanto & Fleck, Wheaton Divorce Attorney
Studies Show Women Unhappy with Financial Advisors
Are you prepared to take control of your financial future after your divorce, especially in the area of retirement planning? If you are a woman, probably not. Studies show that 74% of women do not know enough about retirement investing, … Continue reading
Breaking Law in Illinois: Social Security Income Not Exempt from Payment of College Expenses
The Second District Appellate Court recently found that social security disability income can be used to satisfy an obligor’s duty to fund college expenses. In re Marriage of Truhlar, 2010 WL 3667117 (2nd Dist. Sept. 17, 2010), the parties had … Continue reading
Protect Your Future: Retirement Benefits After a Long Term Marriage
A divorce after a long term marriage such as that of Al and Tipper Gore presents certain issues regarding future long term economic security. I have no doubt that both the Gores will walk away from their divorce with enough … Continue reading
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