Compare to in a JT where a creditor of one of the JTs may attach the JTs

Compare to in a jt where a creditor of one of the jts

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Compare to in a JT where a creditor of one of the JT’s may attach the JT’s portion of the property to recover that JT’s individual debt 3. A creditor can only reach such property as the debtor can voluntarily assign 1. Spouses can hold any land, not just marital home as TBE and exempt it from creditors 2. When TBE is recognized it can be applied to any real or personal property 4. Majority- a creditor of one spouse can’t reach a TBE because one spouse can’t
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assign his or her interest 1. exceptions 1. IRS 2. Federal forfeiture laws 4. Professional Degrees 1. Not property because: 1. Not transferrable 2. Can’t be acquired by mere expenditure of money 3. Value is difficult to determine 1. May be higher or lower than anticipated at time degree is earned 2. Distribution is non-modifiable and final (compare to modifiable alimony payments) 4. Other courts consider the contribution of one spouse to the career or career potential of the other spouse in determining equitable distribution of assets 5. Prenuptial Agreements 1. Generally valid and enforceable 1. Depending on the jx, courts will uphold the agreement if it is 1. Reasonable 2. Voluntary 3. Fair 4. Not unconscionable 2. Uniform Premarital Agreement UPAA- adopted in 19 states 1. Provides prenups are not enforceable against a party if: 1. Party did not execute the agreement voluntarily or 2. The agreement is unconscionable and that party was not provided a fair and reasonable disclosure of the property of financial obligations of the other party 6. Common Law Marital Property System 1. Coverture 1. A married woman was “covered” (protected) by marriage 2. Upon marriage the wife ceased to be a legal person for the duration of the marriage and moved under her husband’s protection or cover 3. Married women formerly lacked the legal capacity to hold their own property or contract on their own behalf 4. Except for jewelry, clothing, etc. all personal property owned by the wife at the time of the marriage or acquired thereafter, including her earnings became the property of the husband 2. During the marriage, the husband had the right to possess all property owned by his wife prior to, or obtained after the marriage 1. Husband’s right was alienable and reachable by his creditors 2. Wife had a contingent right of survivorship 3. Husband provided wife with protection
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4. Husband was liable for the torts committed by the wife 7. Married Women’s Property Acts 1. Removed coverture 1. Married women 1. Now retained control over all property during the marriage 2. Could receive, hold, manage, and dispose of real and personal property as she could if she was single 3. Could sue and be sued 4. Property was immune from her husband’s debts 5. Retained all her earnings outside of the home 1. Husband still owed wife support and wife still owed husband domestic services 8. Separate Property System 1. Views husband and wife as a separate entities with separate property 2. Ownership of property belongs to the spouse who acquires the property 3. Rights during the marriage 1. Property is owned individually by the party who owns it
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