QUESTION

Can my wife get half of my pension

Asked on Jun 13th, 2015 on Divorce - Illinois
More details to this question:
It seems that a pension is something I have earned by working (i.e. not a mutual marital "asset" )and has nothing to do with marriage/divorce. So, it seems to me that it should not be accessible to my ex wife. I am looking for answers on this topic. Thank you
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1 ANSWER

Divorce Attorney serving Des Plaines, IL at Law Office of Sven M. Sommers
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Hi, David. As a general rule, money that is earned during the marriage through your employment is a marital asset. So whether or not that money ends up in a checking account, spent on a car, or invested into a retirement account, it is generally viewed as a marital asset, and as such the retirement account and pension will likely be seen to be a marital asset which must be accounted for in the divorce process. Money that is put into a retirement account or a pension before the marriage will not be considered marital property, and money that is put into the retirement after the marriage is also likewise not a marital asset. Only the money earned during the marriage. Pensions are tricky, however. It can be difficult to calculate an exact value. Sometimes what happens is that one spouse will get "bought out" of his/her claim to the pension by allowing the other spouse to have something else in the settlement process. Other times, however, the pension will actually be split in some fashion, and the Court will issue a Qualified Domestic Relations Order (QDRO) which will order the organization handling the pension to split it in some proportion for the two individuals. I hope this helps. (This answer is intended for informational purposes only, and it does not create a binding attorney-client relationship.)
Answered on Jun 14th, 2015 at 1:09 PM

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