40-4-251. Definitions. As used in 40-4-251 through 40-4-258, the following definitions apply:
(1) "Asset" includes but is not limited to any real or personal property of any nature however and whenever acquired, whether the property is tangible or intangible, whether the property is currently existing or contingent, and whether the title is in the name of the husband or wife, or both.
(2) "Default judgment" does not include a stipulated judgment or any judgment pursuant to a marital settlement agreement.
(3) "Earnings and accumulations" includes income from any source.
(4) "Expenses" includes but is not limited to all personal living expenses, but does not include business-related expenses.
(5) "Liability" includes but is not limited to any debt or obligation, however and whenever acquired, whether the debt or obligation is currently existing or contingent or is in the name of the husband or wife, or both.
(6) "Marital estate" includes all assets and liabilities.
History: En. Sec. 1, Ch. 326, L. 1997.
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