Financial Aspects of Divorce Self-Quiz
Larry and
Brenda live in Washington, a community property state. Larry acquired
stock in his family’s business as follows: 25% before the marriage,
25% during the marriage, and 50% after he filed for divorce. In a property
distribution, how much would Brenda receive?
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Larry and
Brenda live in Washington, a community property state. Larry inherited
stock in his family’s business as follows: 25% before the marriage
(from his deceased uncle), 25% during the marriage (from his deceased
aunt) and 50% after he filed for divorce (from his deceased grandfather).
In a property distribution, how much would Brenda receive?
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Jack has
$50,000 in a money market he has owned since before his marriage to
Jill. Jill, full of vengeance, wants the account to be part of their
equitable distribution settlement. What would be the result?
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Dan worked
for the telephone company. When he separated from his wife Fran, he
had accumulated 72 of 78 points needed for his retirement benefits
to vest. Fran petitioned for an equitable distribution of the non-vested
benefits. How would the court rule?
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Matt was an
attorney before he married his wife Cathy. During the marriage he gave
up his small law practice to become a senator. After two terms, Matt resigned
and returned to private practice, accepting a lucrative partnership with
the leading law firm in his home town. While they were married, Cathy
was a housewife. During the property distribution stage of his divorce
from Cathy, how would the court value his new position?
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Chloe brings
a divorce action against her husband, Dustin, who is a successful plastic
surgeon. She caught him cheating on her with one of the nurses at the
hospital. She had aspirations of becoming a nurse; however, she gave up
that dream to work as a school teacher to help put him through medical
school. She seeks equitable distribution of both his professional license
and the value of his practice. Furthermore, she seeks additional alimony
based on his increased income from entering a lucrative private practice
group of doctors. What will the court grant?
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Greg, once
married to Helen, gives her alimony of $4,000 per year for 10 years. Helen
passes away after only three years. Helen’s estate sues Greg for
the remainder of the alimony. What
would be the result?
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Rocco and
Rosa are divorced. In their divorce decree, Rocco agreed to pay Rosa
$150.00 per month of alimony for five years or until Rosa’s
death, remarriage or cohabitation. During the marriage Rocco was a
bagger at the local grocery store. He quickly quit his job after winning
$12 million in the lottery. What can Rosa do?
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Barbara and
Herb enter into a divorce. Barbara, a psychologist by training, has not
practiced in five years. She seeks rehabilitative alimony for sufficient
time until she is able to resume practicing. To qualify again to see patients,
she would need two years of additional education and training. Herb contends
that this is unnecessary because she can easily get a minimum wage job
now. What would the court hold?
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Sophia and
Edward are in the middle of a divorce. They want to make sure the divorce
decree is the most favorable for both parties. Which payment type would
be the most attractive for Sophia?
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Lynette and
Jim are in the process of getting divorced. They are confused about the
process. Specifically, Jim wants to know which item would be considered
deductible.
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