Property Division

Question 1

division by court

Answer 1

• marital property is divided between parties
• separate property remains w/ owner and includes property acquired before marriage, inheritance, and gifts to one party*

• *ET: mnemoic = BIG

Question 2

division based on premarital agreement

Answer 2

a court will enforce a premarital agreement so long as the agreement is voluntarily made and substantively fair, and full disclosure of assets and obligations was made

Question 3

division based on settlement agreement

Answer 3

the court may reject the agreement, accept it, or accept it w/ modifications
- the court may set aside a settlement agreement that is based on fraud, overreaching, or duress that results in an agreement that is substantively unfair to one of the parties