Table of Contents
How does Tennessee divide marital property in a divorce?
Tennessee Property Division Factors Tennessee law considers each spouse’s separate property in determining property division. If one spouse has substantially more separate property, the other spouse is likely to be awarded a greater division of marital property.
What is a spouse entitled to in a divorce in Tennessee?
Tennessee divorce law is very clear – equitable distribution of marital property does not mean equal distribution. Equal division describes awarding 50% to each spouse, also described as a 50/50 split. But it is not unusual for divisions (settlements and trial results) to be close to a 50/50 split.
What is considered community property in a divorce?
Community Property Marital property refers generally to all of the property acquired by either or both spouses during the marriage. Separate property refers to any property the spouses acquired separately before the marriage or after separation (or in some states after divorce).
Is Tennessee considered a community property state?
Tennessee is not a community property state. Regarding the division of marital property in divorce, Tennessee is an equitable distribution state. Equitable distribution means property will be divided equitably according to a set of listed statutory factors.
Is Tennessee a non community property state?
What is considered marital property in TN?
Marital property refers to property that belongs to the marriage, as opposed to separate property, which is separately owned by one spouse or the other. Marital property includes all real and personal property, whether tangible or intangible, acquired by either or both spouses during the course of the marriage.
Is Tennessee a community property state?
Is TN a non community property state?
What is considered marital property in the state of Tennessee?
How is property divided in divorce in Tennessee?
Again, the date of the marriage and the date of the divorce is crucial to make the determination. Tennessee is not a community property state, like California or New York. Tennessee is an equitable division state. In non-community property states property may be divided by equitable distribution.
Is the state of Tennessee a community property state?
Tennessee is not a community property state. Regarding the division of marital property in divorce, Tennessee is an equitable distribution state. Equitable distribution means property will be divided equitably according to a set of listed statutory factors. See Tennessee Code Annotated § 36-4-121 (c).
Is there a right to marital property in Tennessee?
Unlike community property states, there is no 50-50 right to marital property in Tennessee law. However, the spouses could agree to what they believe is an equal division of their marital property.
What makes an equitable property division in Tennessee?
Tennessee law allows courts to consider economic misconduct of a spouse as a factor in determining equitable property division. Economic misconduct generally means dissipation of assets, which is the legal term for the wasting or loss of marital funds or assets by a spouse through means like excessive spending, gambling, fraud, etc.