As part of a divorce settlement, marital property may be split among the former spouses. How items are split may depend on state law and whether there is a prenuptial agreement in place. It is important to note that nonmarital assets may be considered marital assets if money is placed in a joint bank account or if the other spouse contributes to the upkeep of an asset or helps to improve it.
Therefore, it is critical that each spouse keep good records to verify that an asset is not marital property at the time of a divorce settlement. If an individual deposits marital income into a separate account, it may be viewed as commingling. This means that was once a separate asset may now be considered a marital asset because the marital income is a joint asset of the couple.
Archive note. This post was originally published on the Nashville Family Law Blog at kwellerlaw.com. Only the opening of the article survives in the Internet Archive, so the text above is the portion that could be recovered verbatim. The remainder of the original article is not available. To discuss how this topic applies to your own situation, call (615) 256-2602.