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Board Cert > Equitable Distribution > Flashcards

Equitable Distribution Flashcards

1
Q

What is pneumonic for list of marital assets?

A

VEGRAP

Vested/nonvested benefits
Enhancement in value of NM
Gifts from spouse
REal property
Assets/liablities acquired
Paydown in principal of any NM, and any passive appreciation on NM, if mortgage paid from marital funds
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2
Q

What is Pneumonic for nonmarital assets?

A

PIGFA

Premarital stuff
Income from NM assets
Gifts
Forgery
Agreement marking NM
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3
Q

What is pneumonic for unequal distribution factors?

A

CEDRIC CADD

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4
Q

What is CEDRIC in CEDRIC CADD

A 
Contribution to marriage
Economic circumstances
Duration
Retaining home
Interruption of careers
Contribution to other spouse
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5
Q

What is CADD in cedric cadd?

A

Contribution to assets
Anything else
dissiption
Desirability of retaining asset

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6
Q

What contributions are included in unequal distribution factors?

A

To marriage
To other spouse
Of each spouse re: acquisition or enhancement of assets

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7
Q

What must be in every test answer re: an asset?

A

ID marital or NM
Value asset and date of valuation
Who gets it?

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8
Q

What is evidentiary standard for ED?

A

Competent, substantial

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9
Q

How do you value retirement pay for ED?

A

Assume you retire on DOF, calculate marital %

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10
Q

Stock options - marital or NM?

A

If given for past services, M

If for future services, NM

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11
Q

H given stock options during marriage. Cannot cash them out if he leaves company. M or NM?

A

Marital. (Accrued during marriage)

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12
Q

H given stock options during marriage. None have vested. M or NM?

A

Probably NM, unless a portion becomes marital via effort.

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13
Q

H has stock options. No way to value. What to do?

A

Put 50% marital in construtive trust for W, so you ID as marital and value later. Reserve J to value.

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14
Q

Disability benefits - M or NM?

A

NM

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15
Q

What is definition of goodwill?

A

Value a biz has beyond property and capital.

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16
Q

Define personal and enterprise goodwill.

A

Personal - reputation

Enterprise - value above tangible assets

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17
Q

Is enterprise godowill marital?

A

Yes

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18
Q

H owns a company. Has a noncompete. Is there goodwill?

A

Yes, personal goodwill, so nonmarital.

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19
Q

H owns part of company but doesn’t do anything. Just carries out orders from other people. Is that marital labor?

A

Yes, Robbie.

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20
Q

H owns part of company. He’s 7 levels from mgmt and does nothing. Marital labor?

A

No

21
Q

Company has retained earnings. Marital?

A

Not likely.

22
Q

What are burdens and for who re: marital labor?

A

If W proves marital labor into a NM asset, then H has to prove that the labor is exempt for some reason.

*must quantify amount

23
Q

Gifts from spouse - M or NM?

A

M.

24
Q

How do you know whether a gift between spouses is, in fact, a gift?

A

Look at donative intent, loss of complete dominion and control.

25
Q

H/W own insurance policy. File for divorce. Insurance payout is 2 years away. Is payout marital?

A

Yes, if reason incurred during marriage

26
Q

H has sick days. Are those marital?

A

Yes, if they have a value.

27
Q

Personal injury claims. M or NM?

A

Past lost wages/loss of earning capacity - M

Future lost wages/earnings - NM. (But you can use for support)

28
Q

How do you calculate value of NM home paid down using marital funds?

A

Take value of house, minus purchase price, minus active appreciation. This = passive appreciation.

Take total marital payment of principal, divide by total value of property. This is marital %

Take the % of passive and all active and all paydown, add together, get total marital value.

29
Q

H owns NM home. Total equity is $100k. B/c of paydown with marital funds, the total marital value is $150k. Response?

A

Court can ignore, since value exceeds equity.

30
Q

Increase in equity in NM house b/c mortgage paid down - M or NM?

A

M

31
Q

H built home before marriage, in H’s name. H paid down loan during marriage. Then, H/W took out LOC on house which was also paid down. M or NM?

A

Home is NM, but there would be marital appreciation.

32
Q

H owns NM trust. Moves everything in trust from Schwab to NOrthern during marriage. Is trust marital?

A

No.

33
Q

H owned NM corporation in VA. Moves to FL and reincorporates in FL. Then W files for divorce. Is company M?

A

No, remains NM.

34
Q

What is general rule for picking date of valuation of asset?

A

Whatever is just and equitable under the circumstances.

35
Q

Shechter says marital estate is $200k. Breslow says $300k. Judge says it’s $250k. Response?

A

Can’t split difference, must pick one.

36
Q

W spends $200k on plastic surgery. Dissipation?

A

yes

37
Q

Define dissipation

A

use of marital funds for one’s own benefit,
For purpose unrelated to marriage,
At time when marriage is going through irreconcilable breakdown

38
Q

Can you do ED in installments?

A

Yes. (Charge interest!)

39
Q

Court gives W $300k in alimony or, as backup, as ED. Nonmodifiable, and H got other property. What now?

A

Because itw as in exchange for property, and nonmodifiable, it’s more ED so no contempt.

40
Q

H/W have MSA incorporated into FJDOM. What’s the SOL to enforce the MSA terms?

A

20 years

41
Q

W wants to sell marital residence. Pleads ED of all assets. Response?

A

Some circuits say fine, other say you hae to plead partition.

42
Q

H has child support arrearage that he owes. Agrees to give W more in ED to cover it. Response?

A

Fine, b/c you can support children through assets.

43
Q

W wants interim ED. What does she do?

A

File verified motion

Must allege good cause/extraordinary circumstances

44
Q

Buzz marries Jeff. Buzz and Fitim own house where Buzz/Jeff live. Court orders Buzz to sell house. Response?

A

Can’t, cuz Fitim is not party. Buzz keeps 50% interest.

45
Q

H/W open LLC, use it to buy a farm. Court awards farm to W. REsponse?

A

Can’t do that. Must join LLC as party first.

46
Q

H/W married. H puts marital residence in irrevocable trust during marriage. W wants 50%. Repsonse?

A

Nope, once in trust, no longer marital property. Belongs to trust not parties.

47
Q

Is passivr appreication marital or NM?

A

Marital

48
Q

What components of NM home could be marital?

A

Marital % passive appreciation
Mortgage principal paid down
Active appreciation

49
Q

When calculating mortgage paydown of NM home, what value do you use for home?

A

Date of marriage*
Or Date of purchase
or date of mortgage
WHICHEVER IS LATER

Probably date of marriage cuz after likelt marital

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