Division of Property Flashcards
What is marital property?
Property acquired during the marriage through the labor/efforts of the parties.
What is the minority position in regards to marital property?
Community property, whereby all the marital property (community property) is divided 50/50
What is community property?
Property acquired during the marriage through the labor, efforts, and skill of the spouses. The property not brought into the marriage.
What is the majority view on marital property?
Equitable distribution.
What is marital property in an equitable distribution?
The property acquired during the marriage, not including gifts or inheritences.
What is non-marital property in an equitable distribution?
property acquired prior to when they married, property they agree is not marital, property acquired by gift or inheritence, property acquired after marriage so long as it was not the fruits of labor during the marriage, property acquired from a claim prior to marriage
What does the court consider in an equitable distribution?
1) Duration of marriage
2) Health, age, earning capacity of spouses
3) Contribution
4) Future needs
5) Education
6) Separate property and assets
7) Child custody and support
8) Standard of living
Is a professional license/education considered marital property?
Under the majority, no. Most jurisdictions will allow reimbursement for contribution to receiving the license/education.
Is celebrity status divisible marital property?
Majority, no
Are employment benefits, retirement benefits, or pension benefits divisible?
Depends on the nature of the benefit. If it is compensation then yes.
Are personal injury awards subject to distribution?
Majority: separate them into lost wages and personal compensation, then divide
Is a business started during the marriage divisible?
Yes
Is the distribution of property taxable?
No they are treated as gifts.
