Division of Pension Benefits and Divorce
Pension and other retirement benefits earned during the marriage are marital property subject to division by the court. This video depicts a certain situation where the parties were together for 20 years however only married for six. Only the value of the pension earned during the six years of marriage are subject to division. The prior 14 years where the parties were living together yet not married, are not subject to division as those are considered pre-marital assets.
It’s important to note that many people think that their pension and profit sharing benefits are going to remain separate simply because they were individually earned. This is not how the state of Illinois views these assets. The state of Illinois takes a broad approach whereby any asset incurred during the marriage is considered marital property unless the court orders otherwise. Keep this in mind as it relates to just about any other piece of property earned during the marriage by either party. Those assets, much like the retirement benefit are subject to an equitable division.