Commingled Property In A Tennessee Divorce
When a couple divorces, everything that they own is designated as either separate, marital, or commingled property. Identifying commingled property can be one of the most contentious and complicated aspects of property distribution in a Tennessee divorce and requires an experienced divorce attorney to ensure that you are walking away from the marriage with the assets that you deserve. To learn more about how commingled property may impact your divorce settlement in Williamson County, call or contact Fort, Holloway, & Rogers today to schedule a consultation of your case.
What is Commingled Property?
Generally speaking, any property that a spouse enters into a marriage with is considered separate property, and anything acquired during the course of the marriage is considered marital property. However, when separate property becomes inextricably mingled with marital property to the extent that it becomes impossible or unreasonable to try and separate them into their individual parts, the property is considered commingled for the purposes of a Tennessee divorce. This distinction is important because each spouse gets to keep their separate property, but marital and commingled property must be equitably distributed between the spouses. There have been many situations where one spouse thought that their property was separate, but in fact it turned out to be identified as commingled when the couple filed for divorce.
Can You Separate Commingled Property?
It may be possible to separate commingled assets into their respective separate and marital parts; however, in most cases this is only allowed by the courts for non-tangible assets like bank accounts and other securities. It is important to note that even if a commingled asset can be traced back to its separate and marital components, this process often takes time and outside experts to complete. If a forensic accountant or financial manager can trace and identify the principal and interest associated with an intangible commingled asset, the court may allow it to be split.
However, this rarely occurs when the commingled asset in question is a tangible asset, like a home or a vehicle. Because it is impossible to split a physical asset like a home into separate and marital parts, the court often deems the entire asset as commingled and equitably divides it between spouses in a Tennessee divorce. Oftentimes, some of the most substantial assets in a divorce are commingled assets that began as separate property of one spouse prior to the marriage. To learn more about commingled property and how it may impact the property distribution in your case, talk to our office today.
Call or Contact Us Now
Determining separate, marital, and commingled property in a Tennessee divorce can be a complex and nuanced issue. If you have questions or concerns about commingled property in your divorce case and how it may impact the equitable distribution of property in your overall divorce settlement, call the office or contact us today at Fort, Holloway, & Rogers to speak with one of our knowledgeable Franklin divorce lawyers now.