C. Equitable Distribution Flashcards
What is required for Equitable Distribution of Marital Property?*
1) Compulsory financial disclosure
- Sworn statement of net worth
- By BOTH Parties
2) Court’s consideration of Spouse’s contributions (direct/indirect) to other Spouse’s enhanced earning capacity
- NOT arising from licence/degree/celebrity goodwill/career enhancement
NOT separate property
FYI NO presumption of equal division
What is considered Marital Property?*
Acquired by Parties before/during execution of;
- Separation agreement
- Commencement of action
Examples
- Interspousal gifts
- Pension benefits
- Professional practices
What is considered Separate Property?*
Acquired by Parties before marriage
Acquired by bequest/devise/descent/gift from Non-Spouses
Compensation for personal injuries
Acquired in exchange for/increase in value of separate property
- Due to inflation/market forces
- NOT due to non-titled spouse’s direct/indirect contributions (Parent/Homemaker) (marital property)
Described as ‘separate property’ by parties’ valid written agreement
What if Separate Property is commingled with Marital Property?*
If commingled through deposit into joint account/joint names => Presumption of gift arises => Marital property (UNLESS rebutted)
What factors may determine amount of equitable distribution?*
Duration of marriage
Age of Parties
Health of Parties
Custodian’s need to keep home
Loss of health insurance/pension benefits
Maintenance awards
ANY other factor which court shall find justly improper
Who has burden of proof regarding Separate Property?*
Proponent of property