When it comes to property division, it is your job to tell me about all your assets and provide me with copies evidencing ownership of these assets.
The Court will first determine if your property is separate property or marital property. Fault is not a factor in property division.
Separate property is property a spouse usually acquired before the marriage or through an inheritance or gift that the spouse kept separated from other spouse. Unless you can prove this item somehow became marital property through transmutation or commingling, then the court will allow that party to retain his separate property. Transmutation or commingling can occur in many ways including putting your spouse’s name on a bank account or Deed. We will discuss this if it is an issue in your divorce.
Marital property is property you acquired during the marriage. Marital property can also include an appreciation in the value of your spouse’s separate property.
Marital property means all real and personal property acquired by either or both spouses. Sometimes, a spouse’s separate property may become marital depending on how the parties treated it during the marriage. Marital property may also includes recovery in personal injury cases, workers compensation and disability actions.
Tennessee law sets forth criteria to determine how marital property will be devised:
(c) In making equitable division of marital property, the court shall consider all relevant factors including
(1) The duration of the marriage;
(2) The age, physical and mental health, vocational skills, employability, earning capacity, estate, financial liabilities and financial needs of each of the parties;
(3) The tangible or intangible contribution by one (1) party to the education, training or increased earning power of the other party;
(4) The relative ability of each party for future acquisitions of capital assets and income;
(5) The contribution of each party to the acquisition, preservation, appreciation, depreciation or dissipation of the marital or separate property, including the contribution of a party to the marriage as homemaker, wage earner or parent, with the contribution of a parry as homemaker or wage earner to be given the same weight if each party has fulfilled its role;
(6) The value of the separate property of each party;
(7) The estate of each party at the time of the marriage;
(8) The economic circumstances of each party at the time the division of property is to become effective;
(9) The tax consequences to each party, costs associated with the reasonably foreseeable sale of the asset, and other reasonably foreseeable expenses associated with the asset;
(10) The amount of social security benefits available to each spouse; and
(11) Such other factors as arc necessary to consider the equities between the parties.