Equitable Distribution

Question 1

What is pneumonic for list of marital assets?

Answer 1

VEGRAP

Vested/nonvested benefits
Enhancement in value of NM
Gifts from spouse
REal property
Assets/liablities acquired
Paydown in principal of any NM, and any passive appreciation on NM, if mortgage paid from marital funds

Question 2

What is Pneumonic for nonmarital assets?

Answer 2

PIGFA

Premarital stuff
Income from NM assets
Gifts
Forgery
Agreement marking NM

Question 3

What is pneumonic for unequal distribution factors?

Answer 3

CEDRIC CADD

Question 4

What is CEDRIC in CEDRIC CADD

Answer 4

Contribution to marriage
Economic circumstances
Duration
Retaining home
Interruption of careers
Contribution to other spouse

Question 5

What is CADD in cedric cadd?

Answer 5

Contribution to assets
Anything else
dissiption
Desirability of retaining asset

Question 6

What contributions are included in unequal distribution factors?

Answer 6

To marriage
To other spouse
Of each spouse re: acquisition or enhancement of assets

Question 7

What must be in every test answer re: an asset?

Answer 7

ID marital or NM
Value asset and date of valuation
Who gets it?

Question 8

What is evidentiary standard for ED?

Answer 8

Competent, substantial

Question 9

How do you value retirement pay for ED?

Answer 9

Assume you retire on DOF, calculate marital %

Question 10

Stock options - marital or NM?

Answer 10

If given for past services, M

If for future services, NM

Question 11

H given stock options during marriage. Cannot cash them out if he leaves company. M or NM?

Answer 11

Marital. (Accrued during marriage)

Question 12

H given stock options during marriage. None have vested. M or NM?

Answer 12

Probably NM, unless a portion becomes marital via effort.

Question 13

H has stock options. No way to value. What to do?

Answer 13

Put 50% marital in construtive trust for W, so you ID as marital and value later. Reserve J to value.

Question 14

Disability benefits - M or NM?

Answer 14

NM

Question 15

What is definition of goodwill?

Answer 15

Value a biz has beyond property and capital.

Question 16

Define personal and enterprise goodwill.

Answer 16

Personal - reputation

Enterprise - value above tangible assets

Question 17

Is enterprise godowill marital?

Answer 17

Yes

Question 18

H owns a company. Has a noncompete. Is there goodwill?

Answer 18

Yes, personal goodwill, so nonmarital.

Question 19

H owns part of company but doesn’t do anything. Just carries out orders from other people. Is that marital labor?

Answer 19

Yes, Robbie.

Question 20

H owns part of company. He’s 7 levels from mgmt and does nothing. Marital labor?

Answer 20

No

Question 21

Company has retained earnings. Marital?

Answer 21

Not likely.

Question 22

What are burdens and for who re: marital labor?

Answer 22

If W proves marital labor into a NM asset, then H has to prove that the labor is exempt for some reason.

*must quantify amount

Question 23

Gifts from spouse - M or NM?

Answer 23

M.

Question 24

How do you know whether a gift between spouses is, in fact, a gift?

Answer 24

Look at donative intent, loss of complete dominion and control.

Question 25

H/W own insurance policy. File for divorce. Insurance payout is 2 years away. Is payout marital?

Answer 25

Yes, if reason incurred during marriage

Question 26

H has sick days. Are those marital?

Answer 26

Yes, if they have a value.

Question 27

Personal injury claims. M or NM?

Answer 27

Past lost wages/loss of earning capacity - M | Future lost wages/earnings - NM. (But you can use for support)

Question 28

How do you calculate value of NM home paid down using marital funds?

Answer 28

Take value of house, minus purchase price, minus active appreciation. This = passive appreciation. Take total marital payment of principal, divide by total value of property. This is marital % Take the % of passive and all active and all paydown, add together, get total marital value.

Question 29

H owns NM home. Total equity is $100k. B/c of paydown with marital funds, the total marital value is $150k. Response?

Answer 29

Court can ignore, since value exceeds equity.

Question 30

Increase in equity in NM house b/c mortgage paid down - M or NM?

Answer 30

M

Question 31

H built home before marriage, in H’s name. H paid down loan during marriage. Then, H/W took out LOC on house which was also paid down. M or NM?

Answer 31

Home is NM, but there would be marital appreciation.

Question 32

H owns NM trust. Moves everything in trust from Schwab to NOrthern during marriage. Is trust marital?

Answer 32

No.

Question 33

H owned NM corporation in VA. Moves to FL and reincorporates in FL. Then W files for divorce. Is company M?

Answer 33

No, remains NM.

Question 34

What is general rule for picking date of valuation of asset?

Answer 34

Whatever is just and equitable under the circumstances.

Question 35

Shechter says marital estate is $200k. Breslow says $300k. Judge says it’s $250k. Response?

Answer 35

Can’t split difference, must pick one.

Question 36

W spends $200k on plastic surgery. Dissipation?

Answer 36

yes

Question 37

Define dissipation

Answer 37

use of marital funds for one’s own benefit, For purpose unrelated to marriage, At time when marriage is going through irreconcilable breakdown

Question 38

Can you do ED in installments?

Answer 38

Yes. (Charge interest!)

Question 39

Court gives W $300k in alimony or, as backup, as ED. Nonmodifiable, and H got other property. What now?

Answer 39

Because itw as in exchange for property, and nonmodifiable, it’s more ED so no contempt.

Question 40

H/W have MSA incorporated into FJDOM. What’s the SOL to enforce the MSA terms?

Answer 40

20 years

Question 41

W wants to sell marital residence. Pleads ED of all assets. Response?

Answer 41

Some circuits say fine, other say you hae to plead partition.

Question 42

H has child support arrearage that he owes. Agrees to give W more in ED to cover it. Response?

Answer 42

Fine, b/c you can support children through assets.

Question 43

W wants interim ED. What does she do?

Answer 43

File verified motion | Must allege good cause/extraordinary circumstances

Question 44

Buzz marries Jeff. Buzz and Fitim own house where Buzz/Jeff live. Court orders Buzz to sell house. Response?

Answer 44

Can’t, cuz Fitim is not party. Buzz keeps 50% interest.

Question 45

H/W open LLC, use it to buy a farm. Court awards farm to W. REsponse?

Answer 45

Can’t do that. Must join LLC as party first.

Question 46

H/W married. H puts marital residence in irrevocable trust during marriage. W wants 50%. Repsonse?

Answer 46

Nope, once in trust, no longer marital property. Belongs to trust not parties.

Question 47

Is passivr appreication marital or NM?

Answer 47

Marital

Question 48

What components of NM home could be marital?

Answer 48

Marital % passive appreciation Mortgage principal paid down Active appreciation

Question 49

When calculating mortgage paydown of NM home, what value do you use for home?

Answer 49

Date of marriage* Or Date of purchase or date of mortgage WHICHEVER IS LATER Probably date of marriage cuz after likelt marital