What is the difference between marital and separate property?

On Behalf of | Jul 10, 2017 | Divorce | 0 comments

If you have filed for divorce in Tennessee, you likely have a number of issues to negotiate when creating a divorce settlement. One of most difficult tasks to accomplish may be division of property. It may be hard for some people to part with property, assets and possessions that they have accumulated throughout years of marriage. It is important to educate yourself on the differences between marital and separate property in order to ensure you get everything you are entitled to in the divorce settlement.

Marital property includes everything that was amassed during the marriage, including property, vehicles, furniture, retirement plans and other assets. It may also include less common items, such as expensive collections, memberships to country clubs, rewards points and lottery winnings. If money was loaned to a third-party during the marriage, you are entitled to half of the money once it is repaid. Any gifts that the couple gave to one another are also considered marital.

Separate property, on the other hand, consists of items that were owned by either party prior to the marriage. For example, if one person owed property before becoming married, it may end up with that person after the divorce is finalized. However, the owners name must be the only name on the title. If the title was revised and the other spouse’s name was added, the property may be considered marital. Separate property may also consist of gifts given by a third-party or inheritance given to either party.

This information is intended to educate and should not be taken as legal advice.