An experienced Chicagoland area family law mediator and litigator and immigration law practitioner. Graduated from the University of Illinois at Urbana-Champaign with a Bachelor of Science with a double major in Psychology and Political Science, and completed Juris Doctor degree at the DePaul University College of Law in 2000. Practicing law for 22 years, including mediation, contested divorce litigation, preparing prenuptial (premarital)/postnuptial, Qualified Domestic Relations Orders (QDRO’s) and Qualified Illinois Domestic Relations Orders (QILDRO’s). Serving as court appointed Guardian Ad Litem (GAL) and Child Representative. Immigrated from Poland as a child, married with 3 children. Fluent in Polish and conversational in Spanish. Tom is licensed to practice by the State of Illinois.

Listen to this informative The Confident Retirement episode with Thomas Miller about retirement plan considerations in divorce.

Here is what to expect on this week’s show:

● How did Thomas decide on what areas of law to focus on.
● What is a Qualified Domestic Relations Order?
● What is the ideal client?
● What is a divorce decree?
● Pre and post nuptial agreements.
● What’s happening with the public divorce rate?

Connect with Thomas:

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Episode 081 of our podcast, titled “Retirement Plan Considerations in Divorce,” delves into an often overlooked aspect of divorce proceedings. While most people primarily focus on dividing assets such as property and bank accounts, retirement plans can play a significant role in the process as well. In this article, we will explore the key points discussed in the episode and shed light on the crucial aspects to consider during the dissolution of a marriage.

One of the fundamental aspects of divorce is the equitable distribution of assets acquired during the marriage. This includes retirement plans, which can be substantial assets depending on the length of the marriage and the contributions made. In many cases, retirement accounts are the most valuable assets a couple possesses, making it crucial to handle them properly during divorce proceedings.

The episode emphasizes the necessity of obtaining a Qualified Domestic Relations Order (QDRO), which is a legal document that outlines how retirement plan assets should be divided between the divorcing parties. When a QDRO is issued, it allows the plan administrator to distribute a portion of the account balance to the non-employee spouse, without incurring early withdrawal penalties or tax obligations.

It is crucial to consult with a knowledgeable family law attorney or financial planner when dealing with retirement plans in divorce, as there are various types of eligible plans, each with different rules and regulations. The episode highlights the importance of understanding the specific terms and provisions of these plans, as they can greatly affect the division of assets.

Moreover, the episode touches upon the potential ramifications of failing to properly divide retirement plans during divorce. If the necessary precautions are not taken, such as obtaining a QDRO, one or both parties may face significant financial hardships in the future. For example, a former spouse may not be able to access their share of the retirement account until the employee spouse reaches retirement age, potentially delaying their own retirement plans.

Additionally, the episode explores the potential impact of retirement plan considerations in divorce on long-term financial planning. Divorce can significantly alter retirement strategies, the distribution of income, and projected living expenses. Properly addressing retirement plans during divorce ensures that both parties can rebuild their lives and make informed decisions about their financial future.

Finally, the episode emphasizes the importance of open communication and collaboration between spouses during the divorce process. Agreeing on the division of retirement plans can help minimize conflicts and simplify a potentially complex and emotional undertaking.

In conclusion, Episode 081 sheds light on the often overlooked topic of retirement plan considerations in divorce. Dividing retirement assets can be a complex and consequential task, requiring specialized knowledge and legal documentation. Speaking to professionals such as family law attorneys and financial planners is essential to protect the interests of both parties and secure a stable financial future.