Property divisions Flashcards
What is marital property
all property acquired during the marriage and the increase in value of any nonmarital property acquired
A woman is gifted a dimond ring and $5000, which she uses to buy a boat. Is any of this marital property?
The boat is but the ring is not
Property acquired by gift, except between spouses, when inherited or property acquired in exchange for such property is not considered marital property
How does marital misconduct factor into equitable divison of marital property?
It has no effect on equitable divison
How individual assets may be treated during ED
The court may consider each marital asset or group of assets independently and apply a different percentage to each marital asset or group of assets.
ED factors
- Length of the marriage
- prior marriages
- Contributions to education, training, or earning power
- oppurtunity for future income
- Sources of income including benefits
Not complete
General rule for alimony
Where a divorce decree has been entered, the court may allow reasonable alimony if it finds that alimony is necessary.
Alimony factors
- Party’s earnings capacity
- benefits
- duration of the marriage
- relative assets and liabilities of the parties
- The standard of living of the parties
- contribution of a spouse as homemaker
Duration of alimony
Definite or indefinite, depending on what is reasonable for the circumstances
Statement of reason
When the court orders or denies alimony, they shall set fourth the reason
When can alimony be modified ro terminated?
A substantial and continuing change in circumstance for either parties
Alimony is modifiable unless there is a specific agreement to the contrary
Alimony Pendente Lite
upon petition, the court may allow a spouse reasonable alimony pendente lite, spousal support and reasonable counsel fees and expenses.
Exceptions to alimony pendente lite
a party who has been convicted of committing a personal injury crime against the other party shall not be entitled to spousal support or alimony pendente lite, unless it is necessary to prevent manifest injustice
A bar to alimony
If the petitioner entered into cohabitation with another person of the opposite sex subsequent to the divorce.
Death of either party to alimony
the right to receive payment shall cease.
A man sold off his prized classic car collection before suddenly filing for divorce. At the same time his wife sold a couple priceless family heirlooms to pay off some debts. What is marital property?
The car collection is still marital property but the heirlooms are not.
Property which a party has sold, granted, conveyed or otherwise disposed of** in good faith** and for value prior to the date of final separation is not marital property.
Is a payment form a settlment or award for a cause of action marital property.
Not if it accrued prior or after the date of final seperation, regardless of when payment is recieived.
Are veteran’s benefits marital property?
No, except when the benefits are received by a veteran where the veteran has waived a portion of his military retirement pay in order to receive veterans’ compensation.
When does inheritance become marital property?
Once co-mingled
Are social security benefits marital property?
Yes
Are pensions marital property?
Non-vested ones are not, vested ones are.
