During the course of a marriage a couple in Tennessee may collect many possessions. While some of those items may have sentimental value for only one of the partners, other items and parcels of property may carry with them real financial weight. Knowing what a person may be able to take from their marriage in the event of a divorce can help them plan for their pending single future.
Individuals in Tennessee may retain their separate property when they divorce. Separate property is generally property that people own separate and apart from their spouse and has not been comingled with marital property. The remainder of this post will discuss some categories of property that generally retain their separate characteristics.
First, premarital property and property obtained from the sale of premarital assets are usually considered separate property as long as they are not mixed with marital property. Second, awards of damages from civil claims, criminal penalties and medical settlements are generally separate property as they are awarded to one person as a victim.
Third, gifts can be separate property if they are not given to both partners of a marriage. In fact, a gift from a spouse may be a separate property when it comes to dividing property pursuant to a divorce. Other types of property, such as gains on premarital investments, may also be separate property during settlement negotiations.
All property matters should be reviewed by those who are planning to end their marriages. This post provides general information and not specific legal advice. Readers are reminded that different facts may change the categorization of their property from separate to marital.