Marital Property and Non-Marital Property
In Illinois, property is determined by the court to be either marital or non-marital.
Marital property includes assets and debts accumulated from the date of your marriage until the date of your divorce.
Non-marital property includes assets you had before your marriage, as well as gifts and inheritances received during marriage that you keep separate.
There are also many ways in which property can be part marital and part non-marital, and can also be changed from marital to non-marital and vice versa.
What is a QDRO?
QDRO stands for Qualified Domestic Relations Order. This document creates and recognizes the existence of a specified payee’s right to receive all or a part of the benefits payable to a participant in a pension, retirement or stock option plan. The documents can be lengthy and complex, and require the experience of a seasoned lawyer who has drafted them previously.
Preparation of Qualified Domestic Relations Orders
A Qualified Domestic Relations Order, also known as a QDRO, is one of the most complicated issues in the practice of family law. Furthermore, the method in which a QDRO is drafted is as important as simply having a QDRO in the first place. An expansive knowledge of benefit plans and stock option plans is vital, and a careful review of all the data involved, and strict attention to detail in formulating a QDRO, is important to ensure it is enforceable in a court of law.
George J. Skuros has generated QDROs for clients at all income levels as a respected family law attorney. Contact our office for a free and confidential consultation to discuss your current situation.