Fam Law Ch 6
Card Set Information
Fam Law Ch 6
Family Law Chapter 6
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.