FMSC 487 Lecture Notes - Lecture 3: Prenuptial Agreement, Community Property, Probate

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Settlement agreement (to be approved b the court) 12 years of marriage; he has moved out. 2 sons restaurant- post marriage: he"s a chef, she manages, co-parenting, working together, asset division. Community property: minority states, 50. 50 split, economic partnership, 2 kinds of property separate, community. Equitable distribution: majority of states, including maryland, divide fairly not equally (cid:2) Property (either real-real estate or personal-clothes: has value, credit card debt is also an asset. Community property: each person takes their own + combined-simple. Equitable distribution: equitable-fairly, not 50/50 or equal, may include fault, complicated-unclear standard. Remember, couples can private order to avoid the legal divison of money: Issue: couple divorcing after 12 years of marriage. Son"s cremated remains in an urn in the marital home and now must decide what to do with them: is this property that can be disposed of/ divided in a divorce. Holding: lower court says that ashes should be split in half.

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