Add Formulas and Calculations Legal Tennessee Property Settlement Forms For Free

In Tennessee, anything acquired during marriage by either partner, is considered marital property.

In the majority of cases, a 50/50 split is often the starting point. Fairness is the key to dividing assets including savings within a divorce, but it's important to understand fair doesn't always mean equal. Some factors that are taken into consideration are: Income.

Account Ownership: If the account is jointly owned by both spouses, either spouse typically has the right to withdraw funds. Joint accounts are designed for shared access. Individual Accounts: If the account is solely in one spouse's name, the other spouse generally cannot withdraw funds without permission.

Non-marital property includes: Assets acquired prior to marriage. Those assets and property acquired by either of the spouses before they become married are to be treated as separate property not subject to division.

Tennessee is considered an equitable distribution state when it comes to property division during divorce. Essentially, this means that marital property is divided fairly and reasonably, not necessarily 50-50.

When a married couple divorces, Tennessee law creates a presumption that any property which either spouse owned before the marriage is that spouse's separate property which he or she is allowed to keep.

Very often, people have property of their own when they get married. This may include bank accounts, retirement accounts, real estate or vehicles. For the purposes of a divorce, such assets may be considered separate property. Thus, these assets remain theirs alone and are not subject to the property division process.

Property that remains separate is defined, generally, as “all real and personal property owned by a spouse before marriage”;3 however, there are specific exceptions for property that was accrued during the marriage, such as exchanges of premarital property for other property during the marriage,4 income and ...

Under the rules of equitable distribution, anything either you or your spouse acquires while married—regardless of whose name is on the paycheck, loan, or deed—belongs to both of you, equally. Upon divorce, this property will be divided between you, equitably.