§ 35-17-101. Short Title
This chapter shall be known as the “Tennessee Community Property Trust Act of 2010.”
§ 35-17-102. Chapter Definitions
As used in this chapter: “Community property” means property owned by a community property trust during the marriage of the settlor spouses; “Community property trust” means an express trust that complies with § 35-17-103; “Decree” means a judgment or other order of a court; “Dissolution” means either: Termination of a marriage by a decree of […]
§ 35-17-103. Requirements for Community Property Trust
An arrangement is a community property trust if one (1) or both spouses transfer property to a trust, that: Expressly declares that the trust is a Tennessee community property trust; Has at least one (1) trustee who is a qualified trustee whose powers include, or are limited to, maintaining records for the trust on an […]
§ 35-17-104. Agreement Establishing Community Property Trust — Amendments and Revocation
In the agreement establishing a community property trust, spouses may agree on: The rights and obligations in the property transferred to the trust, notwithstanding when and where the property is acquired or located; The management and control of the property transferred to the trust; The disposition of the property transferred to the trust on dissolution, […]
§ 35-17-105. Classification of Property as Community Property — Enforcement — Duration — Management and Control — Effect of Distributions
Whether or not both, one or neither is domiciled in this state, spouses may classify any or all of their property as community property by transferring property to a community property trust and providing in the trust that the property is community property. A community property trust is enforceable without consideration. All property owned by […]
§ 35-17-106. Satisfaction of Obligations
An obligation incurred by only one (1) spouse before or during marriage may be satisfied from that spouse’s one-half (½) share of a community property trust. An obligation incurred by both spouses during marriage may be satisfied from a community property trust of the spouses.
§ 35-17-107. Death of a Spouse
Upon the death of a spouse, one-half (½) of the aggregate value of the property owned by a community property trust established by the spouses reflects the share of the surviving spouse and the other one-half (½) reflects the share of the decedent. Unless provided otherwise in the trust agreement, the trustee has the power […]
§ 35-17-108. Dissolution of Marriage
Upon the dissolution of the marriage of the settlor spouses, the community property trust shall terminate and the trustee shall distribute one half (½) of the trust assets to each spouse, with each spouse receiving one half (½) of each asset, unless otherwise agreed to in writing by both spouses.