Many Tennessee residents older than age 60 are, in increasing numbers, divorcing after decades of marriage. A late-life divorce has many different implications for adult children and retirement benefits which may be are considered marital assets. In many cases, retirement and pension accounts fall within the purview of property division as part of a divorce proceeding.
Any pension or retirement account accumulated during the course of a marriage may be considered joint marital wealth subject to property division. These retirement accounts are subject to various laws for interpretation on how and in what proportion a pension may be divided between estranged spouses, as well as determination of survivor benefits payable to a divorced spouse or adult children.
At the time of the divorce settlement, the family court judge may determine that retirement accounts and pensions are part of the property division of marital assets and order division of these accounts.
Many older Tennessee residents with substantial pensions and retirement accounts may find it beneficial to consult a family law professional familiar with these kinds of issues to understand the various aspects of property division and the affect it can have on retirement and financial health at a when employability may be waning.
Property division relating to pension can become somewhat complicated and may be embroiled in various legal complexities. Much of the division depends on the individual retirement account and its provisions for division. The timing of the divorce and the years of marriage may also play a role in determining property division relating to pension.
Source: PensionRights.org, “Pension rights after divorce,” Accessed on Mar. 13, 2015
