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

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

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

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

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

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

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

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

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

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

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