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Hardware Store

Hardware Store. Property Acquired During Marriage by Either or Both is Marital Marital Property Valued as of DOS: $100,000 Postseparation Appreciation is Not Marital Property Divisible if not caused by a spouse Distribution factor if caused by a spouse. Gifts During Marriage.

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Hardware Store

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  1. Hardware Store • Property Acquired During Marriage by Either or Both is Marital • Marital Property Valued as of DOS: $100,000 • Postseparation Appreciation is Not Marital Property • Divisible if not caused by a spouse • Distribution factor if caused by a spouse

  2. Gifts During Marriage • Separate if Gifted to “A” Spouse by 3rd Party • Gifts Between Spouses are Marital Unless Contrary Intent Stated in Conveyance • Tenancy by the Entirety: Gift Between Spouses Presumed • Joint Account: No Gift Presumption

  3. Joint Account • Gift to Henry from Mom: Separate $51,000 • No Evidence of Gift to Marriage by Placing Funds in Joint Account • Account is a Distribution Factor

  4. Marital Home • Tenancy by the Entirety: Henry’s Separate Property Presumed Gifted to Marriage • DOS Net Value: $110,000 • DOT Net Value: $117,000 • $7,000 Postseparation Appreciation: • Divisible if not caused by efforts of spouse • No “Credit” for Alimony

  5. Mixed Assets • Each Estate Entitled to Interest in DOS Net Value Equal to: • Total Contribution by that Estate • Plus a reasonable return on the investment • “Each estate is entitled to an interest in the property in the ratio its contribution bears to the total investment in the property.” Wade

  6. Michler 90 NCAPP 72 “formula” • Marital Property = (Total Marital Contribution Over Total Contribution) x DOS Net Value • Separate Property = (Total Separate Contribution Over Total Contribution) x DOS Net Value

  7. Beach House • Mixed Asset: • Separate Contribution: $13,000 • Marital Contribution: $12,000 • Apply Michler formula to $75,000 DOS Net Value: • Marital Property: $36,000 (.48%) • Separate Property: $39,000 (.52%)

  8. Beach House • $15,000 Postseparation Appreciation • No Evidence of Effort: Appreciation of Marital Interest is Divisible • Apply Michler “formula” percentages: • Divisible Property: $7,200 (.48%) • Separate Property: $7,800 (.52%)

  9. Wilma’s Pension • Pensions are Marital to Extent Earned During Marriage and Before DOS • Must Determine Present Value on DOS: $27,000 • 2/3rd’s is Marital Property • Marital Interest: $18,000 • Separate Interest: $9,000

  10. Personal Property • Ring: A Gift Between Spouses: Marital • Piano: Not Owned by Either on DOS • Watch: Marital ($1,000) and Divisible ($200) • Quilt: Marital; Value is Credibility Issue • Coat: A Gift Between Spouses: Marital

  11. Marital Debt: Capital Dept. Store • Marital Debt is Debt: • Owed by Either or Both on DOS • Incurred During Marriage and Before DOS • Incurred for Joint Benefit of the Parties • $5,000 ??? (Probably Joint Benefit)

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