Can a retirement account be both marital and non-marital property?

It absolutely can. When an account was in existence before the marriage, a portion of it may be non-marital. That portion will not be subject to division in the divorce. With a prime contribution plan, it’s also impossible to determine the account balance as of the time of the marriage.

A good piece of advice maybe upon a later remarriage is to retain that last monthly statement prior to the marriage and all year-end statements thereafter, which will make it much more simple in the event of a future divorce to determine which portion is marital and which is non-marital and what is actually subject to division.

Arin Fife is a family lawyer at Boyle Feinberg, P.C. in Illinois. To learn more about the firm, visit www.bffamlaw.com. Visit their firm profile here.