Property

Question 1

What are the three approaches of division of property?

Answer 1

1) community property
2) equitable division of all property
3) equitable division of marital property

Question 2

Are property distribution decrees modifiable?

Answer 2

NO

Question 3

What are the factors considered in dividing property?

Answer 3

1) age, education, background and earning capacities of the parties
2) duration of the marriage
3) standard of living
4) present incomes of both parties and vocational skills
5) source of money used to purchase the property
6) health of parties
7) assets, debts, and liabilities of the parties
8) the needs of the parties
9) child custody provisions
10) Whether the distribution is in addition to or in lieu of spousal support
11) each partys opportunity to acquire future income
12) each partys contribution to the acquisition or enhancement of the value of the existing marital assets
13) each partys contribution as a homemaker to the family unit
14) whether either party has dissipated marital property

Question 4

What is separate property?

Answer 4

each spouse can take the seperate property that she owned prior to the marriage as well as any seperate property acquired during the marriage by gift, bequest, or descent.

Question 5

What is Marital property?

Answer 5

all other property acquired during the marriage.

Question 6

When can separate property turn into Mixed Property?

Answer 6

Separate property may become marital property if: 1) the separate property is inextricably mingled with marital property or with the separate property of the other spouse to the extent that it can no longer be traced or 2) the separate property is treated in a way that evidences an intention for the property to be marital property.