Full question:
I bought this house 7 years ago, just before me and my wife married. We refinanced 4 years ago and both of our names are on the deed but, my name only on the loan. If we refinanced 4 years ago for $112,500.00 and we still owe $105,300.00 what is my future ex-wife entitled to?
- Category: Divorce
- Subcategory: Property Settlements
- Date:
- State: Tennessee
Answer:
Tennessee is a so-called "equitable distribution" state. This means that the division of property and debts between the divorcing parties should be fair and equitable, but not necessarily equal. The answer will dpeend on all the facts in each case. It is likely that the house is now marital property. A gift from a third party to one of the spouses during the marriage is the separate property of the spouse receiving the gift. However, gifts made to both spouses are typically marital property. If, during the marriage, either party makes a gift to the other, that gift is considered marital property subject to equitable distribution.
Some of the factors the court considers in dividing the property between the parties include:
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 the spouses.
3. The tangible and intangible contributions of each spouse to the education, training, or increased earning power of the other.
4. The relative ability of each party for future acquisitions of capital assets and income.
5. The contributions of each party to the acquisition, preservation, appreciation, depreciation or dissipation of the marital or separate property.
6. The value of each party's separate property.
7. Any other factors necessary to achieve an equitable distribution.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
