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Retirement and Beneficiary Designations in Divorce
Prior to and after the filing of any divorce proceeding, careful attention should be given to retirement plans, including beneficiary designations. The primary source documents should be carefully reviewed. Many retirement plans require designations of beneficiaries to be changed to remove an ex-spouse as beneficiary. Otherwise, even after any Judgment of Dissolution of Marriage may be entered, it is possible that an ex-spouse could still take, as a result of a beneficiary designation.
When the parties cannot reach an agreement on property division, the Illinois court will divide all the property and debts for them equitably. When a property settlement is finally reached, it must be in writing and signed by both parties.
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