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Research your own state and determine whether you live in an equitable distribution or a community property jurisdiction

Research your own state and determine whether you live in an equitable distribution or a community property jurisdiction

Research your own state and determine whether you live in an equitable distribution or a community property jurisdiction

Jeff and Amy have been married for eight years and have one child, John. They had a good life, until recently when Amy began to suspect Jeff was having an affair. Now that Amy has filed for divorce, Jeff has vowed to “take her to the cleaners.”

Amy Jeansonne believes her spouse, Jeff, is having an affair. She wants a divorce. They have one child, John, who is five years old. Amy is a lawyer, and her husband is in technology sales. Both parties are seeking sole custody of John.

Amy and Jeff have been married eight years. The couple only has joint bank accounts, with approximately $10,000 in their checking account and $30,000 in their savings account. The marital home (jointly held) is assessed at $250,000 for tax purposes. However, Jeff is very handy and has added on to and remodeled the home, adding a den with a hot tub in it. He did most of the work himself. There is currently a $100,000 mortgage and a $20,000 home equity loan secured by the property. Jeff does do side jobs for friends and family, and Amy believes he has not declared those payments as income. Amy has a 401(k) account worth $200,000, and Jeff’s 401(k) is worth $250,000. They own two cars and a boat, with approximately $35,000 owed on the vehicles in total. Their combined total annual income is $300,000.

Additionally, she has discovered hotel, restaurant, and jewelry store receipts in Jeff’s coat pocket, and she did not attend any of those places with him.

When Amy and Jeff married, she had a jewelry collection valued at approximately $10,000. During the marriage, she received as gifts from her relatives an additional $15,000 worth of jewelry. The collection is now valued at $35,000, $10,000 of which is attributed to appreciation in the value of the rings, watches, and necklaces included in the collection.

Before marriage, Jeff had a 1957 mint green Chevy worth $15,000 which is now worth $35,000. The difference in value is due to appreciation in the value of the vehicle over time.

The parties have resided in the marital home since their marriage eight years ago. The property has been appraised at $250,000. The down payment of $40,000 came from Amy’s mother and father, who insisted that the home be titled solely in her name. The purchase price was $175,000, and there is a mortgage on the property with a remaining balance of $70,000. Jeff added a den to the property through his own labor over a six-month period. It is estimated that this increased the value of the home by approximately $15,000. The remainder of the increase in value is attributable to market forces. The parties have contributed equally throughout the marriage to payment of the mortgage, insurance, property taxes, and household expenses. Amy wants to remain in the martial home to allow their five year old son, to remain in the home where he was born.

Amy and Jeff each want their pensions to remain intact, but we do not know the current value of each pension.

Amy has a personal credit card in the amount of $1,500; Jeff has a personal credit card in the amount of $3,000. The couple has a joint credit card in the amount of $8,000.

Amy has been paying back her law school debt since before she and Jeff married. She still owes $5,600. She has paid off approximately $22,000 since Jeff and Amy married.

Research your own state and determine whether you live in an equitable distribution or a community property jurisdiction.
Identify on a chart (similar to the one provided in Chapter 12 related to the Property Division Illustration or one available through your state’s court system). Reflect the value of each asset and liability.
Indicate your recommendations on the chart how you believe the assets and liabilities should be divided between the parties, given the standard in your state and the facts in this case.

Calculate the Price

Approximately 250 words

Total price (USD) $: 10.99