Marital Property Vs. Individual Property In Tennessee
One of the most complicated and contentious aspects of property division in divorce involves characterizing property as either marital or individual property. Divorce lawyer Larry Hayes Jr. has been representing clients in divorce in Nashville, Tennessee, for more than 20 years. He focuses on complex, high-asset divorce matters and division of retirement accounts, pensions, 401(k)s and other complicated assets.
Characterizing Property In Tennessee Divorces
Generally, there are three categories for the characterization of property:
- Assets brought into a marriage
- Assets inherited during marriage
- Gifts received during marriage
Tennessee is an equitable distribution state, so it is critical to protect your assets in divorce. When a spouse owns an asset before the marriage, it is generally considered individual property, and complications arise with gifts and inheritances received during the marriage. Pension plans and investments create further complications. When a spouse is paying into a 401(k) or related plan before the marriage, it becomes challenging to determine what percentage the other spouse should be entitled to.
In many cases, investments, business assets and other funds become commingled with shared marital accounts, which can transform these otherwise individual assets into marital assets. Learn more in the Divorce Guide.
Most people think they understand the divorce process, but numerous legal complications must be taken into account. Larry Hayes Jr. is a divorce lawyer who has handled the most complicated asset division issues. With experience characterizing real properties, property taxes, business ownership interests, inheritances and other complicated assets, Mr. Hayes can help you truly understand your rights and options in the process.