Newborn v. Clay

Fletcher, Justice.

In 1977, while married to each other, James Newborn and Carolyn Clay purchased a four-acre tract of land on which they built their marital home. The property was conveyed to them as tenants in common. They subsequently separated and were divorced in 1983 by a final decree which incorporated their written settlement agreement. Although the agreement made no specific disposition of the four-acre tract, paragraph 15 of the agreement provided:

[T]he parties hereby acknowledge that all marital property was divided at the time of separation; therefore, each party hereby waives any…