The Types Of Property In A Tennessee Divorce
In divorce, division of property if often one of the most significant and complex issues. In Tennessee, property is classified as either separate property or marital property. Separate property is generally any real property and personal property that was acquired prior to the marriage, or any property gifted or inherited by one party during the marriage. This is also true for debt that was brought into the marriage. The courts in Tennessee do not have authority to divide separate property between the spouses; the person who came into the marriage with the property or debt will be awarded the same at divorce. However, there are exceptions to this rule.
Marital property is generally any property or debt acquired by either spouse during the marriage; however, there are also exceptions to this. Once a court has classified property as marital property, the court is required to “equitably” divide marital property between the spouses. In determining what is an equitable division, the court is required to consider multiple factors.
Separate property can be converted into marital property. For example, a separate bank account is used to deposit all income during the marriage and is used to pay all marital bills. In the event that the property becomes “inextricably commingled” such that the value of the separate property cannot be traced, the entire bank account will be treated as marital property.
Likewise, marital property can be converted into separate property. For example, if one spouse gifts the other spouse $10,000 earned during the marriage, those funds will be considered marital property that is gifted to one spouse during the marriage, which will be treated as separate property.
Identifying and dividing property in a divorce is often a complex issue, which is why you should always have a knowledgeable divorce attorney representing your case and protecting your rights to your property. Contact our experienced Franklin divorce attorneys at Fort, Holloway, & Rogers to discuss your property issues. To learn more, call or contact our office today to schedule a consultation.
