Tennessee Code 35-17-108 – Dissolution of marriage
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Terms Used In Tennessee Code 35-17-108
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Community property: means property owned by a community property trust during the marriage of the settlor spouses. See Tennessee Code 35-17-102
- Dissolution: means either:
(A) Termination of a marriage by a decree of dissolution, divorce, annulment or declaration of invalidity. See Tennessee Code 35-17-102 - Settlor spouses: means a married couple that establishes a community property trust. See Tennessee Code 35-17-102
- Trustee: A person or institution holding and administering property in trust.
Upon the dissolution of the marriage of the settlor spouses, the community property trust shall terminate and the trustee shall distribute one-half (1/2) of the trust assets to each spouse, with each spouse receiving one-half (1/2) of each asset, unless otherwise agreed to in writing by both spouses.