A gift to spouse is separate property in Tennessee

In Tennessee, funds or assets received by a spouse from a third party or entity in the form of a gift constitutes separate property meaning a Court cannot distribute any portion of it to the other spouse in a divorce proceeding. The statute defines “separate property” to include “[p]roperty acquired by a spouse at any time by gift[.]” Tenn. Code Ann. § 36-4-121(b)(2)(D) Classification of particular property as either separate or marital is a question of fact to be determined in light of all … [Read more...]

Spouse is not entitled to inheritance as separate property in Tennessee

In Tennessee, funds or assets inherited constitutes separate property meaning a Court cannot distribute any portion of it to your spouse in a divorce proceeding.  This is in contrast to marital property which is any asset acquired during the course of the marriage regardless of how it appears on any title of interest.  If you have received an inheritance and wish for it remain separate property, then it is important that you segregate those funds or assets from any joint account or application … [Read more...]

Transmutation of marital property in Tennessee

What is Transmutation of marital property in Tennessee?  Simply put, assume John and Jane are a happy couple looking forward to their wedding day with lofty bliss that forever means forever.  John has inherited $100,000.00 from the death of his father and deposited into John's sole checking account.  Jane has been successful at her company and participated in a 401k and her pre-marital balance is $50,000.00.  John's inheritance and Jane's 401k balance are each separate property that is theirs … [Read more...]

What is difference between separate property and marital property?

In making its division of property, the trial court must first classify the property as either separate or marital property, pursuant to Tenn. Code Ann. § 36-4-121(b). Kinard v. Kinard, 986 S.W.2d 220, 230 (Tenn. Ct. App. 1998). This distinction is important because Tenn. Code Ann. § 36-4-121(a) provides for the distribution of marital property only. The character of whether the asset or debt is separate or marital is crucial in the proper equitable division of the same.  Separate property or … [Read more...]

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