By Kevin Ewers
Divorce is alive and well in Tennessee, with approximately 50% of marriages ending in the nasty process of marital estate division. One particular county in Tennessee, Trousdale County, boasts a divorce rate of nearly 90%, and in 2013, more of its residents filed for divorce than for marriage licenses. Infidelity and money problems are often cited as the causes of these familial meltdowns, but whatever the reasons for the break-ups, there are always financial matters that should be considered when valuing and dividing marital property.
One marital asset that is sometimes overlooked is the retirement plan. Whether it is an Individual Retirement Account (IRA), a 401-k, a deferred compensation plan, a tax-sheltered annuity, or a defined benefit plan such as those provided by the United States military and the Tennessee Consolidated Retirement System, they all have one thing in common—they can be marital assets which need to be valued for the fair division of property in divorce. Each of these assets has its own tax and valuation intricacies, and that’s where we can help. At BCS, we have both the knowledge of regulatory guidance and case law and the experience of how to apply these procedures to the unique situations of marital dissolution.
If you need help with this complicated process of valuing marital assets, please contact us.