Bill, a lawyer, and Rose, a software engineer, are engaged to be married. Bill owns a vintage sports car and Rose has a stock portfolio. Six months after the wedding, the couple purchases a house for $680,000. They contribute equally to the mortgage payments. One year later, Rose receives a $70,000 inheritance from her grandfather. Shortly after that, an important case settles and Bill collects an attorney's fee of $115,000. In celebration, he buys himself another vintage sports car. Now, after three years of marriage, Bill and Rose Jill are getting a divorce.
- Classify each of the following items as separate or community property: (a) the first sports car, (b) the stock portfolio, (c) the house, (d) the inheritance, and (e) the second sports car.
First sports car, stock portfolio, and... View the full answer