6. Property Division

Question 1

What are the types of property division approaches at divorce?

Answer 1

Community property

• Each spouse owns 50%
• Marital property

Equitable division of all property

• Each spouse owns equitable division
• Separate property

Equitable division of marital property (most popular)

• Each spouse takes own separate property (BEFORE marriage)
• Each spouse owns equitable division of marital property (DURING marriage)

Question 2

What is separate property?

Answer 2

Property owned BEFORE marriage
Property acquired any time (gift/bequest/devise/descent)
Property acquired in exchange
Income from and appreciation of separate property

Question 3

What is marital property?

Answer 3

Property owned DURING marriage
Vested + unvested pension/stock option rights/retirement
Recovery in personal injury/compensation for medical bills/property damage

Question 4

When does equitable division take place?

Answer 4

Court identifies/values marital property

Question 5

What factors are considered in making equitable divisions of marital property?

Answer 5

Age
Backgrounds
Marriage duration
Standard of living
Financial capacity
Contributions
Marital fault (if it 'shocks the conscience')