Property Division Flashcards
3 main approaches to property division?
1) community property
2) equitable div. of all property
3) eq. div. of marital property
What is the community property approach?
all property acquired during marriage deemed owned 1/2 nu each spouse BUT all property brought into marriage or acquired by gift/bequest deemed separate
What is the equitable division of all property approach?
court divides all property owned by either spouse whether acquired before OR after marriage
Are equitable division decrees modifiable?
No
What is the equitable division of marital property approach?
each spouses separate property AND court divides only property acquired during marriage
6 examples of marital property?
1) property acquired during
2) earnings
3) employment benefits/pensions/stock options
4) lost wages
5) reimbursement (medical bills)
6) recovery for damages to MP
2 steps under EDMP approach?
1) classification
2) division
7 examples of separate property?
1) property owned before
2) property acquire via gift/inherit.
3) property acq. in exchange for SP
4) income/appreciation of SP
5) pain and suffering awards
6) personal damages
7) property acquired after legal separation order that includes final disposition of property
What date used as end of marital estate for property division purposes?
either:
1) date of separation
OR
2) date of divorce filing
Is marital property subject to equitable distribution by court?
Yes
How can SP become MP?
1) commingling
2) transmutation
What is commingling?
SP inextricably intertwined with MP OR with other spouse’s SP to extent that it can no longer be traced
Re improvements of SP, will remain SP if:
improved by:
-use of marital funds OR
-effort of a spouse
What is transmutation?
SP treated in way that evidences intention for it to become MP
Courts will usually give marital estate/non-owning spouse reimbursement for improvements to SP for:
value added to the SP
