Determining Character of Certain Assets Flashcards
1
Q
When does marital economic community begin/end?
A
Begins at marriage and ends at one spouse’s death OR on date of separation
2
Q
How is “date of separation” determined?
A
(i) Based on one spouse’s expression of an intent to end marriage to other spouse; and
(ii) Conduct consistent with that intent
3
Q
For purposes of divorce, what to do when it’s not clear whether $$ is SP or CP?
A
See if it’s wage replacement or deferred compensation
Wage replacement: Is it replacing past wages or future wages?
* Funds intended to replace wages that would’ve been earned during marriage are CP
Deferred compensation: Was the $$ earned during marriage but received during/after marriage?
