Divorce

Tennessee Distribution of Property in a Divorce

"Marital property" means all real and personal property, both tangible and intangible, acquired by either or both spouses during the course of the marriage up to the date of the final divorce hearing and owned by either or both spouses as of the date of filing of a complaint for divorce, except in the case of fraudulent conveyance in anticipation of filing, and including any property to which a right was acquired up to the date of the final divorce hearing, and valued as of a date as near as reasonably possible to the final divorce hearing date. "Marital property" includes income from, and any increase in value during the marriage, of property determined to be separate property outlined below if each of you substantially contributed to its preservation and appreciation and the value of vested pen- sion, retirement or other fringe benefit rights accrued during the period of the marriage. "Substantial contribution" may includes, but is not limited to, the direct or indirect contribution of a spouse as homemaker, wage earner, parent or family financial manager, together with such other factors as the court having jurisdiction thereof may determine.

"Separate property" means:

(a) All real and personal property owned by a spouse before marriage;

(b) Property acquired in exchange for property acquired before the marriage;

(c) Income from and appreciation of property owned by a spouse before marriage except when characterized as marital property under item 5 below);

(d) Property acquired by a spouse at any time by gift, be- quest, devise or descent.

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In making equitable (not necessarily equal) division of marital property, the court will consider the following factors:

(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 you;

(3) The tangible or intangible contribution by one (1) of you to the education, training or increased earning power of the other;

(4) The relative ability of each of you for future acquisitions of assets and income;

(5) The contribution of each of you to the acquisition, preservation, appreciation or dissipation of the marital or separate property, including the contribution of either of you to the marriage as homemaker, wage earner or parent, with the contribution of either of you as homemaker or wage earner to be given the same weight if each of you has fulfilled his or her role;

(6) The value of the separate property of each of you;

(7) The estate of each of you at the time of the marriage;

(8) The economic circumstances of each of you at the time the division of property is to become effective;

(9) The tax consequences to each of you;

(10) Such other factors as are necessary to consider the equities between each of you;