Question 1

A trust is a device or arrangement by which its creator the settlor or trustee) transfers property the corpus) to a person the trustor) who holds legal title for the benefit of another the beneficiary or cestui que trust).

Accepted Answer

False

Question 2

The objective of a husband and wife entering a separation agreement can be:

Accepted Answer

The objective of a separation agreement can vary depending on the couple's situation and desires. A separation agreement can serve as the basis for a divorce, allowing for the division of assets and determination of child custody and support. It can also be used to establish a legal separation, which is similar to a divorce but the couple remains legally married. Additionally, a separation agreement can be used to outline the terms of a separation without involving the courts or seeking a legal separation or divorce. Therefore, all of the above options are possible objectives of a separation agreement.

Question 3

What is reimbursement alimony?

Accepted Answer

Alimony that repays a spouse who worked or made other financial contributions during the marriage so that the other spouse could obtain training or otherwise enhance his or her future earning capacity. Also called restitutional alimony.

Question 4

Dissipated income can be imputed to the wrongdoer.

Accepted Answer

When a wrongdoer is held liable for their actions, they may be required to pay damages or compensation to the victim. In some cases, the court may also impute dissipated income to the wrongdoer. This means that if the wrongdoer has wasted or squandered income or assets in an attempt to avoid paying damages or compensation, the court may consider this income when determining the amount that the wrongdoer must pay.

Question 5

What are the characteristics of an effective separation agreement?

Accepted Answer

The answer of What are the characteristics of an effective...

Question 6

A separation agreement is not enforceable if it:

Accepted Answer

A separation agreement that violates public policy, is conducive to divorce, or is entered without consideration is not legally enforceable. Therefore, all of the choices (A, B, and C) are correct. A separation agreement that violates public policy, is conducive to divorce, or is entered without consideration is not enforceable. Therefore, all of the above options are correct.

Question 7

Intestate succession is the transfer of property:

Accepted Answer

Intestate succession occurs when someone passes away without a valid will. In this case, state-designated relatives will inherit the property of the decedent. Option A is incorrect because if there is a valid will, the transfer of property will occur according to the will. Option C is incorrect because transmutation of marital property refers to the process of converting separate or non-marital property into marital property. Option D is incorrect because alternate payees are designated beneficiaries for certain types of retirement plans, and not relevant in the context of intestate succession.

Question 8

What factors will a court consider when deciding whether a payment is alimony or property division?

Accepted Answer

The answer of What factors will a court consider when...

Question 9

Public policy consists of the principles inherent in the customs, morals, and notions of justice that prevail in a state; the foundation of public laws; and the principles that are naturally and inherently right and just.

Accepted Answer

This statement provides an accurate definition of public policy, which is based on the principles and values that are considered just and right in a particular society.

Question 10

The only way to ensure that a separation agreement will not be invalidated by fraud is to have a clause in the agreement saying that both parties entered it voluntarily.

Accepted Answer

While having a clause stating that both parties entered the agreement voluntarily is important, it does not guarantee that the agreement cannot be invalidated by fraud. Other factors, such as coercion or misrepresentation, can still lead to the agreement being invalidated. It is important to consult with a lawyer and ensure that all necessary legal requirements are met to minimize the risk of the agreement being invalidated.

Question 11

Commingled separate and marital property may be treated as marital property if clear evidence does not indicate otherwise.

Accepted Answer

This is true in many states, as the default presumption is that all property acquired during the marriage is considered marital property. However, in some states, there may be specific rules or factors that determine whether commingled property is considered marital or separate, such as tracing the source of the funds used to acquire the property. It is important to consult with a local attorney to understand the laws in your jurisdiction.

Question 12

Debts that are outstanding have been paid.

Accepted Answer

The answer of Debts that are outstanding have been paid....

Question 13

Once the spouses have executed a legally binding separation agreement, they are free to remarry.

Accepted Answer

The answer of Once the spouses have executed a legally...

Question 14

What is the effect of bankruptcy on alimony debts?

Accepted Answer

The answer of What is the effect of bankruptcy on...

Question 15

Transmutation is:

Accepted Answer

Transmutation is a voluntary change of separate property into community or marital property. The key word here is "voluntary," meaning that the change must be purposeful and intentional. It cannot happen by accident or through the actions of others.

Question 16

Something is unconscionable if it shocks the conscience by heavily favoring one side due to the absence of meaningful choice and the highly unequal bargaining positions of the parties.

Accepted Answer

This is the definition of unconscionable as per legal terminology and principles.

Question 17

By definition, an equitable distribution of marital property must be an equal distribution.

Accepted Answer

While an equal distribution may be equitable in some cases, an equitable distribution does not necessarily mean an equal distribution. Equitable distribution takes into consideration various factors such as the length of the marriage, each party's contribution to the marriage, and each party's financial situation. It aims to divide property fairly and justly, which may not always mean a 50/50 split.

Question 18

What is a fiduciary relationship?

Accepted Answer

The answer of What is a fiduciary relationship?...

Question 19

Alimony debts can be discharged in bankruptcy.

Accepted Answer

Alimony debts are considered domestic support obligations and cannot be discharged in bankruptcy.

Question 20

What is a separation agreement?

Accepted Answer

The answer of What is a separation agreement?...

Quiz 6: Introduction to the Legal System