Legal Question in Family Law in Illinois
Is there a legal basis for claiming a retirement annuity as income rather than property in divorce? I am currently in pay status and my wife has a pension in the same system but is still working. She is younger and may not retire for 10 years. I am worried that she can receive half of my annuity (income) immediately but I have to wait until she retires to draw half of hers. Is there a legal argument to help me preserve my annuity until I start drawing hers? I am familiar with determining net present value of the two pensions and offsetting them with other assets, but local judges don't favor that approach.
1 Answer from Attorneys
You need to speak with a divorce attorney who is experienced in preparing QDROs (Qualified Domestic Relations Orders).
As you correctly state, you each are entitled to a share of the other's pension accounts. Once the QDRO has been entered, it becomes the property of the person receiving it. The QDRO terms are governed in part by the company's Plan document. Therefore, your attorney will need to review it prior to drafting the QDRO.
It will be worth your while to discuss this in detail with an attorney.
Good luck to you.
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