What is Marital Property Under Tennessee Law? – Part II

Marital property can also include a personal injury, workers compensation, social security disability action and other settlements for wages lost during the marriage, reimbursement for medical bills incurred and paid with marital property, and property damage to marital property.

Under the law, when deciding whether another spouse has substantially contributed to the increase in value of an asset for purposes of determining if it is a marital asset, the courts will considered the direct or indirect contribution of a spouse as a homemaker, wage earner, parent or family financial manager, along with other factors.

Often in divorce actions, the present value of a retirement pension needs to be determined by an expert economist or financial advisor. The expert will consider, among other things, the age of the recipient, and the recipient’s health. The expert determines the current worth of the pension monies with a specific rate of return. My B.A. in Economics has helped me better understand, evaluate, prepare and explain these issues for the Judge who will decide the amount a spouse receives in a divison of marital property, including pensions.

For more information call us at 901-844-7141 or carol@carolchumneylaw.com