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Goal of distribution?
Tp fairly distribute the martial assets and debts between the spouses.
Land and anything that relates to the land (real estate, homes, buildings)
- Anything other than real property, can be touched or movable (goods).
- Tangible and Intangible
Forms of Concurrent Ownership?
- Joint tenancy with the right of survivorship
- Tenancy in common
- Tenancy by the entirety
- Own equal interest in property and at the death of one owner, interest automatically passes to the remaining joint tenant.
- When one sells their interest, it severs the relationship and becomes tentants in common.
Tenancy in common?
- Owners may hold unequal shares but each has an equal right to use and enjoy the property.
- Tenants can will, sell, or gift their share whenever.
Tenancy by the entirety?
- Exists only between a husband and wife.
- Has the right of survivorship
- Cannot sever the relationship without the permission of the other.
- Divorce makes it tenancy in common.
- All property and income acquired during the marriage is considered owned by both spouses.
- Indiana is NOT a community property state.
What are marital assets & debts?
- Property acquired during a marriage - title is not important
- Debts = liabilities incurred by either spouse during the marriage.
Acquired by a spouse prior to marriage or during the marriage (gift, inheritance, or will) meant for that spouse alone.
Transformation of separate property to marital property.
- Titling the property jointly
- Using the property for the puse of supporting the marriage
- Becoming so commingled with marital property that its separate origin cannot be traced.
process of determing when the asset was acquired by tracking its origin.