Property Division Flashcards
Marital Property
all property acquired during the marriage EXCEPT
Increase in value of Separate Property
if value in property increases because of either spouses contribution the property is marital
Burden of Proof for Separate Property
Party who is claiming items are separate have burden to show that
Exceptions to Marital Property
- Property Acquired during the marriage
- property that is excluded pursuant to a valid agreement
- property acquired by gift or inheritance
- property that has been sold or granted , or mortgaged in good faith
- award or settlement that received for any cause prior to marriage
Factors to Consider for Distribution
duration or marriage, economic circumstances( age, health, retirement, earning capacity, present earnings, needs of spouse)
Professional License or Degree
May affect support but majority believes that it is not distributable marital property
Retirement & Pension
if earned during the marriage or value increases, considered marital property. The court will look at the present value
Exception to marital property
Property acquired before the marriage, excluded by valid agreement, acquired through gift or inheritance, property sold or conveyed in good faith, award settlement received prior to the marriage.
How does Marital fault play a role in property division?
Most states do not consider it a factor, however, dissipation of marital property can be considered.