Community Property

Question 1

GrandBaby gets PSP

What types of property are SP (5 types)?

Answer 1

GB PSP

Question 2

What types of property are SP (5 types)?

GB PSP

Answer 2

acquired during the marriage by gift; property owned before the marriage; partitioned CP; property acquired w/ separate funds; & tort recovery for personal injury (not medical or loss of earning potential)

Question 3

What is the formula for claim for economic contribution if community funds are spent on SP or separate funds are spent on CP?

Answer 3

amount of contributions / equity on date of contribution + all contributions * equity on date of marriage termination = claim

Question 4

retire if you’re tired

Community Property Retirement Benefits:

When do you use the Taggart Rule and what is it?

Answer 4

retirement benefits accumulated during marriage are CP

If the Employee is retired use the Taggart Rule:

(Years employed during the marriage) / (Total years employed at time of retirement)

Question 5

2 Barrys didn’t retire (Barry White + Barack Obama)

Community Property Retirement Benefits:

When do you use the Berry Rule and what is it?

Answer 5

retirement benefits accumulated during marriage are CP

If the employee is not yet retired use the Berry Rule:

Step 1: Determine the value of the plan, which is valued at the time of Divorce: (2%) x (years of service) x (average of 3 highest annual salaries.

Step 2: Determine the CP Portion of the Plan: The CP portion of the defined plan is given by the fraction: (Years employed during the marriage)/ (total years employed at the time of divorce).

Question 6

When can spousal maintenance be ordered?

Answer 6

If a couple is married at least 10 years, & one spouse lacks the ability to earn sufficient income to provide for the spouse’s minimum reasonable needs. The spouse seeking support must be unable to support herself b/c of a disability, be a custodian of a disabled child, or lack employment skills adequate to provide for her minimum reasonable needs.

*note: There is a rebuttable presumption that maintenance for a 10+ year marriage is not warranted unless the spouse seeking maintenance has exercised diligence in earning sufficient income or developing skills to provide for the spouse’s minimum reasonable needs.

Question 7

VUD similar to WDV

How can a premarital agreement be set aside?

Answer 7

By proving that it was not signed voluntarily, or unconscionable when made & there was no fair disclosure of spouses property or obligations.

Question 8

What is the three point test for premarital agreement unconsiousability?

Answer 8

1) No fair disclosure;
2) Right to disclosure not waived;
3) No adequate knowledge.