2015 - Mee - Family Law - Economic Issues

Front 1

What is Equitable Distribution?

Back 1

Dominant scheme for splitting up assets in a divorce.

Front 2

What are the two steps to equitable distribution?

Back 2

1. Categorize assets
2. Distribute assets
   

Front 3

What are the three categories of assets?

Back 3

Mutually exclusive

1. Husband separate property
2. Wife separate property
3. Marital property
   

Front 4

What are the three types of separate property?

Back 4

1. Property owned prior to marriage
2. Gift/Inheritance in sole name of one spouse during marriage
3. Appreciation in value of the above.
   

Front 5

What is Marital Property?

Back 5

Anything that is not separate property, including everything acquired during pendency of marriage regardless who earned it or who has title.

Front 6

How are assets divided?

Back 6

1. Each party keeps separate property
2. Court divies up the marital assets

Front 7

How does court divie up the marital assets?

Back 7

Uses discretion, including the following factors:

• Age and health of parties
  
• Earnings/Job skills
• Duration of Marriage
  
• Custody of kids
  

Front 8

What are the two ways that marital assets can be split?

Back 8

1. In kind - split up so each party has assets of equal value
   
2. Cash settlement - Get assets, but pay other party
   

Front 9

What factor is not considered in property division?

Back 9

Marital fault

Front 10

Can you appeal property award judgments?

Back 10

No, they are final.

Front 11

Can court consider fault in spousal support?

Back 11

IL - no

Multi-state - yes

Front 12

What are the four ways spousal support can be structured?

Back 12

1. Periodic, permanent payments
2. Lump Sum
3. Rehabilitative alimony - Fixed period of time
4. Reimbursement
   

Front 13

When can Periodic, permanent payments be modified?

Back 13

Always, if one party can show change of circumstances.

Front 14

When is a lump sum appropriate?

Back 14

period sums are illusory (if payee is old or sick)

Front 15

What is Rehabilitative spousal support?

Back 15

• Limited time periodic alimony
• For the purpose of support of education/training
  

Front 16

What are the three ways to terminate periodic spousal support?

Back 16

1. Death of either party
2. Remarriage of recipient
3. Cohabitation of recipient with another
   

Front 17

Who usually has to pay child support?

Back 17

Generally, Non-custodial parent.

Front 18

What is the duration of child support?

Back 18

1. until 18
2. Or until 19 if still in highschool (IL)
3. Through Bachelor's education in college if one party has enough $$
4. Longer if in prenup
5. Longer if kid is disabled
   

Front 19

Do your child support payments terminate on payee death?

Back 19

Not in IL

Front 20

When can child support be changed?

Back 20

Substantial material change in circumstances.

Front 21

What is not a grounds for modification of child support?

Back 21

1. self-induced income reduction or
2. past due/arrears (can't have retroactive modification)
   

Front 22

What are the six remedies for non-payment of child support?

Back 22

1. Seize property
2. Garnish wages
3. Intercept tax refunds/lottery winnings
4. revoke drivers/professional license
5. Contempt of court
6. Deny recreational license
   

Front 23

What two things does the Uniform Interstate Family Support Act do?

Back 23

1. Provides for direct of enforceability of child support orders across state lines
2. Provide that the forum state that issued the first support order retains continuing and exclusive jurisdiction as long as child or one parent lives there. - So only original state can modify.