Economic Divorce Incidents (prop + gen)

Question 1

Economic Incidents

Answer 1

• property division
• alimony/spousal support
• child support

Question 2

marital property

Answer 2

all property and income acquired during marriage; belongs to both spouses and each has an equitable share

all property held by either party, whether joijntly or individually, acquired during marriage

Question 3

community property

Answer 3

marital property belong to both spouses regardless of title

Question 4

seperate property states/common law

Answer 4

titles property and accounts
- all prop and income acquired** before the marriage**
- property acquired during marriage by gift, inhertiance or passive return, bequest, devise
- titled property and accounts** acquired after marriage**

Question 5

can seperate prop. become marital prop? if yes, then why?

Answer 5

yes through
1. property commingled or
2. contribution by non-owner spouse

Question 6

marital prop. regimes

Answer 6

judge may determine that a spouse owns an interest in seperate property (but the exceptions)

Question 7

property divison

Answer 7

1. what assets are marital prop.?
2. valuation of the property
3. distribution of the property

Question 8

what assests are marital prop.?

Answer 8

1. traditional forms of property
2. New prop.: employment income and deferred returns
3. insurance proceeds
4. joint liabilities

Question 9

marital debt

Answer 9

includes all debt incurred by either or both spouses for joint benefits of parties during course of marriage

Question 10

seperate debt

Answer 10

seperate debt remains seprate property unless doctrine of necessaries applies

Question 11

doctrine of necessaries

Answer 11

necessaries are food, apparel, medicine, medical attendance, transportation, housing, furniture

Question 12

educational/professional licenses/

Answer 12

• maj.: not marital property
• min.: marital property subject to division

alt remedies: alimony or prop. division

Question 13

complex property division

Answer 13

• social security spousal benefits, insurance benefits
• business and practice goodwill
• pension benefits
• disabilities payments, personal injury awards, workers comp. awards

Question 14

valuation of the property

Answer 14

no clear language in prop. settlement requiring valuation of retirement benefits using earlier salary years

Question 15

distribution of the prop

Answer 15

equal or equitable distribution:
- only 3 state mandate strict equal division of marital prop
- some recognize a presumption in favor of equal division; most mandate equitable division

Question 16

common equitable distribution factors

Answer 16

• duration of the marriage
• age, health and circumstances of parties
• standard of living during the marriage
• income, skills and employability v. debts, needs of parties
• contributions of each party to the marriage/prop
• any other factor a court finds just and proper

(based on several factors)

Question 17

enforcement

Answer 17

• lump-sum prop division award/periodic payments
• forced sale of martial prop
• schedule of payments
• deferred sale and distribution