It’s not easy to understand how Tennessee law governs the distribution of property regarding a divorce. Divorce is a growing issue and Andrew Farmer Law understand that when these complicated issues arise, so does the need for answers. We are here to provide those answers for you.
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Need to know
Tennessee is a common law state, not a community property state, when it comes to dividing property. The divorce court must:
- Determine what is marital property and what is separate property
- Make an equitable division of the marital estate prior to determining whether to order spousal support without regard to marital fault (typically a 50/50 division)
What is Separate Property?
- All real and personal property owned by a spouse before marriage, including assets held in individual retirement accounts
- Property acquired in exchange for property acquired before marriage
- Income from and appreciation of property owned by a spouse before marriage except when characterized as marital property;
- Property acquired by a spouse at any time by gift, bequest, devise, or descent
- Pain and suffering awards, victim of crime compensation awards, future medical expenses, and future lost wages
- Property acquired by spouse after an order of legal separation where the court has made a final disposition of property
What is Marital Property?
All real and personal property, both tangible and intangible, acquired by either or both spouses during the course of the marriage up to the date of the final divorce hearing and owned by either or both spouses as of the date of filing of a complaint for divorce, except in the case of fraudulent conveyance in the anticipation of filing, and including any property to which a right was acquired up to the date of the final divorce hearing date.
Free Initial Consultation
Family law matters can be difficult on all parties involved. Andrew Farmer works with you to develop family goals, financial arrangements and guides you and your family through the process during this difficult time. We are committed to you and your family. Call (865) 205-2637 now to learn more.