A pension plan may be the most substantial asset of many Tennessee marriages when couples forego other methods of investing or saving in favor of participating in an employer-sponsored plan. Typically, these types of plans, such as a 401(k) are considered an “extra” benefit of working for an employer who invests in its employees in this manner, allowing them to earn full vestment, or ownership, after a period of time, which is typically five years. When a couple faces divorce, diving up this asset can sometimes be difficult, depending on several contributing factors, including the type of plan and its components. In high-asset marriages, a plan may include employee stock options, profit sharing and additional investment opportunities.
Despite the fact that alimony obligations are not meant to be punitive, many in Nashville may not be happy with having to pay them. Still, it is recommended that one dutifully do so, given that potential severe consequence could be waiting should one not keep up on his or her payments. Another recommendation that far too few people may follow is to retain all records of all alimony payments. One might hang on to payment receipts or paystubs for a couple of years, but most financial experts agree that they should be kept longer. One never knows when an old liability might surface.