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Review – Marital Property

Review – Marital Property

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Review – Marital Property

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  1. Review – Marital Property Step One: Classify Prop: Mar/Non-Mar/Mixed Issues • Appreciation: active/H or W efforts = marital passive = non-marital • Commingling: mixing of non-mar/mar prop results in non-mar prop becoming mar • Pension – portion that is mar # of yrs married # of yrs. employed February 19, 2004

  2. Step Two: • FMV – Debt (Liens, Mortgages) • Parties Responsibility/Battle of Experts

  3. Step Three: Equitable Distribution • Court’s authority varies from state-to-state • Md limited – sale of joint property; transfer ownership in pension-like assets; order one party to pay other party monetary award *Note: Fact that property classified as marital in Step One does not always lead to 50/50 split in Step Three (Example: lottery in Alston; train set in Long)

  4. Marital Property III New Issues: HOW TO TREAT: • Pensions • Professional Degrees/Licenses • Goodwill from Business or Professional Practices Divisible Marital Property or Source of Funds for Future Payments of Spousal Support/Alimony?

  5. Marital Prop/Alimony Factors(8-205) (11-106) Contributions: mon/non-mon Income/prop of each party Circumstances of breakup Duration of marriage Age and health of parties Award of alimony/marital prop Marital prop add: any other factor relevant to fairness Alimony add: standard of living during marriage

  6. Mar. Prop. AwardAlimony Decision to award based Also multi-factor on multi-factor standard standard Lump sum pymt based on Periodic pymts past acquisition of assets based on current income May be dischargeable in Gen. not bankruptcy dischargeable Non-taxable transfer Tax. income to payee Goals: More Emphasis Goals: More Emphasis on on Compensation Need

  7. Marital Debts I. Definitions: MD: Debt directly traceable to acquisition of marital property Roberts (and some other jurisdictions): debt acquired during the marriage II. Court’s Authority Roberts (and some other jurisdictions): allocate marital debt between the spouses

  8. MD: If debt deemed “marital” court cannot “distribute” or allocate between spouses but relevant for either: 1) Reducing value of marital asset, and 2) Determining “economic circumstances of party” for purposes of monetary award or alimony