Dividing Pensions and Investment Accounts
During the process of dividing assets in divorce proceedings, many questions may arise regarding the value of certain interests and property. Some of the more nuanced and complicated questions involve the division of pensions or investment accounts, which may have increased in value since a marriage, or may be yet to vest. The Nashville divorce lawyers at Martin Heller Potempa & Sheppard PLLC are experienced in not only making these types of valuations but also seeking to ensure that assets are divided fairly and properly. Without knowledgeable assistance from a family law attorney, an ex-spouse may endure unnecessary hardships that result from a flawed valuation. MHPS, PLLC can help with the accounting of assets and assert your rights to the property that you deserve, allowing you to build a sturdy financial future after a divorce.The Division of Pensions and Investment Accounts
In Tennessee, equitable distribution is the main objective when dividing a couple’s property upon divorce. This means that the division of all of their property should be done in a fair and equitable (even if not exactly even) manner. Most property obtained during a marriage is classified as a marital asset, including real estate, family businesses, and savings accounts as well as pensions and investment accounts.
In many divorces, pension, retirement, and investment account assets comprise almost 75 percent of a couple’s assets. Given the monumental size of this portion, an accurate valuation and a proper subsequent distribution are vital to achieving a fair outcome, especially if a couple is going through a divorce relatively late in life. Many pension or investment accounts are divisible, although not all of them are, and sometimes a particular plan for their division needs to be evaluated in court. Once the divisibility of a certain account is established, certain factors need to be examined and guidelines followed. Under Tennessee law, the following principles are critical in dividing pension or investment accounts:
- Only retirement or investment benefits that have accrued during the duration of the marriage are subject to division;
- The value of the benefits must be determined as close to the date of the divorce as possible; and
- Marital property includes both vested and unvested interest accrued.
Because of the complicated nature of valuing these types of assets, experts such as forensic accountants or other qualified individuals may be necessary to ensure that the process is handled carefully. An experienced divorce attorney can help you enlist experts to protect your rights and support your position.Contact a Knowledgeable Nashville Lawyer During a Divorce Proceeding
Dividing assets during a divorce may have important long-term effects on both former spouses’ lifestyles. The Nashville divorce attorneys at Martin Heller Potempa & Sheppard PLLC understand the importance of this process and are dedicated to guiding each of their clients through its nuances. Our firm also assists people throughout Davidson and Williamson Counties, including in Franklin, Green Hills, Charlotte, and Brentwood. If you are contemplating or going through a divorce, you should not hesitate to discuss your rights and options with a qualified legal professional. Call us at 615-800-7096 or contact us online to set up a free initial consultation.