C. Equitable Distribution Flashcards

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1
Q

What is required for Equitable Distribution of Marital Property?*

A

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

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2
Q

What is considered Marital Property?*

A

Acquired by Parties before/during execution of;

  • Separation agreement
  • Commencement of action

Examples

  • Interspousal gifts
  • Pension benefits
  • Professional practices
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3
Q

What is considered Separate Property?*

A

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

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4
Q

What if Separate Property is commingled with Marital Property?*

A

If commingled through deposit into joint account/joint names => Presumption of gift arises => Marital property (UNLESS rebutted)

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5
Q

What factors may determine amount of equitable distribution?*

A

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

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6
Q

Who has burden of proof regarding Separate Property?*

A

Proponent of property

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