Title lists both spouses names as joint tenants. xiv. Joint ownership in which each party owns property equally with complete ownership going to the last surviving owner is: Joint ownership between spouses with right of survivorship, which can not be severed without permission, is: Marital assets include all of the following except: Marital debts include all of the following except: All of the following may result in transmutation except: using the property to support the marriage. IF the facade of marriage is maintained, until the divorce is filed: viii. i. The Submit Answers for Grading feature requires scripting to function. 1. under which the starting point for the numerator and denominator is the date of employment. GENERAL RULE: each and every community asset and liability must be divided 50/50. Your browser either does not support scripting or you have turned scripting off. Stock options typically provide they are not vested and that the option holder must be employed by the company as of the date the option becomes exercisable for the option to vest. December 6, 2010 . Absent a property settlement agreement, all CP must be divided...................? Numerator; principle debt reduction attributable to CP: 20k / denominator = purchase price 100k. Joint ownership in which each party owns an undivided interest in property with equal rights of use and enjoyment is: joint tenancy with right of survivorship. IN A PREMARITAL AGREEMENT: WHAT CAN THE PARTIES AGREE TO? Copyrights and royalty payments / labor during marriage...............? Unsurprisingly, California law always is applied to these questions. �`�lK�PÊR��2`��0Y1 �A���HG!I�|��Ql梎~�K����N�����t�C�_]�>v��G���3!|Fǚ h�b```�h0y�A��b�, \ �?�Wpyrws�30�$q�rg��XP���j�U�~50l:����7�p@S�ĭ h�S� ��l`+�1p1�x�q��U q��>iF ��JL >�m�;����!ƈj20��Q�� WHAT RULES GOVERN ACQUISITIONS ON CREDIT DURING THE MARRIAGE: 1) Down payment with community funds create a CP interest in the property. So the house then was 20% CP and 80% SP.500k, 100k is CP, 400K is SP. Gives an employee an option to purchase shares of the co stock at a set price on a certain date in the future. IV. 1) the liability is first satisfied from CP. First, know how Community Property is tested. iii. vi. ALTERING THE CHARACTER OF ASSETS BY AGREEMENT: III. MULTI STATE PROBLEMS CONFLICT OF LAW: ii. 1) CA is a community property state 2) In CA there is a CP presumption a) The presumption is: i) All assets acquired during the marriage are presumptively CP and absent a showing of parties of agreement or that title was taken in a form that overcomes the CP presumption, the BOP that a particular asset is SP is on the party so contending. The fair market value less any mortgages, taxes, and liens owing on the property is the: All of the following are community property states except: The point at which an employee has the right to pension funds due to having worked a designated length of time is when the employee has become: An order distributing a specified portion of one spouse's pension to the other is a(n) __________. Each spouse has equal management and control over all CP and thus has full power to buy or sell CP and to K debts without the other spouses joinder and consent. If H could take at his option, a regular payment at 1200 or a disability payment of 900, THE WIFE will have an interest then because of the choice, v. SEVERENCE PAY: no clear rule, so argue both ways. � ��)� endstream endobj 224 0 obj <>/Metadata 39 0 R/Outlines 59 0 R/Pages 219 0 R/StructTreeRoot 67 0 R/Type/Catalog>> endobj 225 0 obj <>/Font<>>>/Rotate 0/StructParents 0/Type/Page>> endobj 226 0 obj <>stream IX. i) All assets acquired during the marriage are presumptively CP and absent a showing of parties of agreement or that title was taken in a form that overcomes the CP presumption, the Burdon of proof that a particular asset is SP is on the party so contending. PRESUMPTIONS THAT ARISE FROM TAKING TITLE IN JOINT AND EQUAL FORM: i. Direct tracing requires. VII. In addition, The mere fact that SP funds are commingled with CP funds does not transform SP into CP. i. %PDF-1.6 %���� iii. If marriage ends in death of the non-acquiring spouse: b. FOR CP not divided on divorce, the court....................? xi. Disability retirement benefits and workers compensation are treated as wage replacement and then are classified according to WHEN RECEIVED not when earned. When does the economic community end? ix. ... community property. COMMUNITY PROPERTY FINAL EXAM . iv. Community Property Final Exam Answers 2010 Page 1 of 10 . Problems 9-11are essay problems. 1) If H could have retired at the time of divorce, it had matured, and his choice not to retire cannot defeat the W present right to recovery. CONFIDIENTIAL RELATIONSHIP RAISES FID DUTIES: PRESUMPTION OF UNDUE INFLUENCE. KATHERINE E. STONER . a) which one depends on which portion of the option is CP and what portion is SP. v. CA has extended CP system as of 2004 the CP system applies to REGISTERED DOM PARTNERS upon the filing of a registration of dom partnership with the secretary of state. 1) CLAIM FOR REINBURSEMENT for the community: 1) If H expends CP to improve his own SP, the community has a reimbursement claim for the greater of the costs of improvements or the enhanced value. viii. LUCAS is still the law, so WIFE has no separate property ownership interest and no claim for reimbursement unless she can establish there was an agreement she was to have a separate property interest or to be reimbursed. The Clear Answers and Start Over feature requires scripting to function. i. ix. One spouse can get more than 50% of the total value if, xii. COMMUNITY PROPERTY FINAL EXAMINATION Summer 1995 Professor Douglas R. Haddock ... multiple choice problems. Copyrights and royalty payments / labor during marriage can be CP. Unless the parties have agreed otherwise in writing, all property acquired during the course of marriage is presumed to be community property (CP). �S��V�G�\s�6.�;t��=fPGz�m;!��2%�#ū�D�Z. PART II . The law governing retirement pay and pension benefits is called __________. FOR CP not divided on divorce, the court maintains continuing jurisdiction to award the CP that was not previously adjudicated and on motion the unadjudicated CP will be divided 5050 unless the court finds the interests of justice require an unequal division. Employee retirement benefits accumulated during marriage whether or not vested at the time of divorce are CP. b. K law, express or implied. Community Property on the California Bar Exam 1. VIII. THE EFFECT OF PARTIES ACTIONS ON THE CHARACTERIZATION OF ASSETS: i) Use the same pro-ration rule: where the community estate takes a pro-rata portion of the property measured by the amount of the principle debt reduction attributable to the expenditure of community funds. If the option is awarded during the marriage but does not vest until after the community is ended, a proration formula is used. a. PROPERTY ACQUIRED OUTSIDE THE MARITAL RELATION: a. CA law does not recognize COMMON LAW MARRIAGES. W walks away with 450 and her half of CP, and H gets 50k. xiii. v. CA has extended CP system as of 2004 the CP system applies to ...........................? If book written before the marriage the royalty payments would be..............? Spouses have equal management powers and either spouse can enter into Ks and or incur debt. Property acquired before marriage and after the marital economic community has ended is presumed to be separate property (SP).
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