Essay Info Flashcards
What is marital property?
All property acquired during the marriage unless acquired through gift, bequest, devise, or descent.
Wedding gifts are classified as marital property unless:
The gift is only appropriate for the use of one spouse.
Is income/stock from a business marital property?
Yes and an increase in the value of stock will also be included if it took place during the marriage.
Is marital property subject to division at divorce?
Yes
What is the purpose of spousal support?
To ensure an adequate income stream for the spouse whose economic dependency has resulted from the martial relationship.
Is marital fault considered in alimony?
In some states yes, in some state no.
7 factors in determining what type and how much marital support to award:
- Standard of living during the marriage
- Duration
- Age/physical/emotional conditions of the parties
- Financial resources of each party
- Contribution of each party to the marriage
- Time needed to obtain education/training for employment
- Ability of the payor spouse to meet his needs while paying support
Who is permanent spousal support awarded to?
Spouses who neither has the resources nor the ability to be self-sustaining.
2 considerations in determining the amount of child support:
- The monetary need of the children
2. The ability to pay
How is jurisdiction established over a divorce action?
One of the parties must be a bona fide resident of the jurisdiction where the action is brought (sometimes a durational requirement)
When may a court determine out-of-state property rights?
If it has jurisdiction over both parties
Most states offer no-fault divorces that allow:
Dissolution of the marriage without regard to marital fault upon a showing the marriage is broken and the parties have lived separate/been apart for a specified period of time.
4 requirements of a valid premarital agreement:
- In writing
- Voluntary
- Signed by the party tp be charged
- Based on full/fair disclosure of each party’s financial worth
When is provisional unconscionability determined?
At the time the agreement is formed.
Is a provisional waiver of spousal support permitted?
No; it is against public policy