Do IRA Withdrawals Impact Alimony and Child Support In Illinois?
Preexisting retirement accounts are almost always factored into divorce negotiations, especially if one spouse was the family’s primary income. But if an ex-spouse receives money from a normally scheduled IRA distribution, is it considered income? What if funds are withdrawn before the IRA matures? If the divorce is finalized and an ex-spouse receives an IRA from an inheritance, can the funds be subject to alimony or child support? Read the full article here: https://www.oflaherty-law.com/learn-about-law/ira-withdrawals-impact
This article will discuss if IRA withdrawals are considered income and should be subject to alimony and child support in Illinois. We will discuss the following topics: How do Illinois courts define “income?”, Inherited Versus Preexisting IRAs, Is the law the same across all of Illinois?
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