Distribution

Question 1

DIstribution at Divorce

Answer 1

Valued at: time of divorce
Duty of Disclosure: each party must disclose all assets through final judgment
Division: CP/QCP split evenly as to each and every assetand each keeps SP

Question 2

Exceptions to Each Asset Division at Divorce Rule

Answer 2

1. Economic Circumstances Exception: (i) family residence; (ii) closely held corporations; and (iii) pensions will not be divided
2. Statutory Exceptions: (i) misappropriation of CP offset; (ii0 education debt treated as SP of debtor; (iii) tort liability not arising from acting to benefit the community is SP; (iv) personal injury awards; and (v) liabilities > assets of Community –> relative ability to pay considered
3. Real Property out of CA: Subject to rules of that jdx

Question 3

Distribution at Death

Answer 3

CP/QCP: 1/2 surviving spouse; 1/2 to estate
Will: can devise 1/2 CP and all SP but not QCP in survivor’s name
No WIll: Surviving Spouse receives all CP and either all, 1/2, or 1/3 of SP depending on # of children (0, 1, 2+ respectively)

Question 4

Improper devise of CP in Will

Answer 4

Widow’s Election: Either (i) take under the will or (ii) against the will = take 1/2 CP but no testamentary gifts