Legal Question in Family Law in Illinois
Financial rights divorce question
My Wife told me that she wants a divorce. There has been no infidelity, and her decision has shocked me. We have been Married 3+ years, no kids, we are both employed. She told me that she wants part of my 401k/Stock. The two together total approximately $40k. I have been contributing to both funds for roughly six years, before we met, and have never withdrawn a penny. What legal right, if any does she have to the money? If I fight it, what chance do I have to retain the money from those funds?
3 Answers from Attorneys
Re: Financial rights divorce question
In general, your wife has a right to the portion of your 401k and the stock purchased DURING the marriage.
The stock you purchased and amounts you contributed to your 401k BEFORE the marriage are generally NOT marital property. However, it is possible for non-marital property to be converted to marital property.
Re: Financial rights divorce question
To clarify my answer: In general, your wife has a right to A portion (not "THE portion") of your 401k and the stock purchased DURING the marriage.
Re: Financial rights divorce question
Your wife may be entitled to a portion of your retirement account gained during the marriage. Also, you're entitled to a portion of her retirement account,too. Please call for an appointment today.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
