What is considered marital property in TN?
What is considered marital property in TN?
Under Tennessee law, only marital property is subject to equitable division upon divorce. Specifically, marital property is defined as any assets or property acquired by either you or your spouse while you are married.
How is property divided in a divorce in Tennessee?
In a divorce action in Tennessee, marital property is divided; separate property is not. Tennessee is an “equitable distribution” state. This means that once property is classified as marital or separate, the trial court must divide marital property equitably according to the factors listed in T.C.A. § 36-4-121(c).
Is Tennessee a community property state death?
Tennessee is NOT a Community Property State Tennessee is a separate property state. This means that only the separate assets of the deceased spouse (titled in his or her name), or 1/2 of any jointly-owned property, are entitled to a step-up in basis to the current FMV at the death of the first spouse to die.
Which states do not have community property?
Most states are not and are considered equitable distribution states where property is distributed fairly, but not necessarily equally. There are nine community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.
