Fam Law Ch 6 Pt 2

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Author:
missancy
ID:
115796
Filename:
Fam Law Ch 6 Pt 2
Updated:
2011-11-09 19:55:45
Tags:
Family Law
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Description:
Family Law Chapter 6 Part 2
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  1. Ways to resolve the issue of property distribution?
    • Premarital, prenuptial, antenuptial agreements
    • Settlement agreements
    • Court order
  2. Jurisdictional Approaches?
    • Traditional
    • Equitable distribution
    • Community property distribution
  3. Traditional/Common Law Approach?
    • Title to property was the controlling factor
    • very easy to distribute.
  4. Equitable Distribution?
    • Court distributed property acquired during marriage on the basis of equity or fairness.
    • Evaluated by a case-by-case basis.
  5. What is up for distribution in Indiana?
    • All assets and property
    • Property = means all the assest of either parties
  6. Indiana One Pot?
    Meant to be a 50/50 split but items such as gifts can be rebutted.
  7. Community Property?
    • Nine states use this
    • Property acquired during the marriage belongs equally to each spouse unless it is separate property.
  8. Appreciation of separate property during marriage?
    If an asset has appreciated, the other spouse may be entitled to an amount but depends on the contributions made by each spouse to the asset.
  9. Other kinds of assets?
    • Good will (personal v. enterprise)
    • Pensions
    • Professional Degree
    • Tort Awards
  10. Hold harmless clause?
    One spouse is responsible for certain debts incurred during the marriage and the other should be free and cleared of that debt.
  11. QDRO?
    • Qualified Domestic Relations Order
    • Court order requiring adminstrator to distribute a specific portion of the pension funds to the nonemployee spouse.
  12. Dissipation?
    Depletion or waste away of marital asses.
  13. Bankruptcy?
    • Other spouse does not suffer any negative effects when spouse files after marital assets are distributed.
    • Alimony is not dischargeable

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