Termination Of Marriage By Divorce

(General Rule): Upon divorce, who owns property is irrelevant, as well as each spouses interests. (Note that while married, respective interests are relevant). 1. Majority of states do not count value of professional degrees as divisible property. * Issue: Is the value one spouses professional degree subject to division upon divorce? * Example: In Re Marriage of Graham * [NOTE: New York is an exception.] * [NOTE: In large number of states, spouse can recover cost for supporting spouse in getting their degree.] 2. Professional goodwill is a divisible marital asset in most jurisdictions. Professional Goodwill = "essentially, reputation that will probably generate future business." * Issue: Is a former spouse's professional goodwill a divisible marriage asset. * Example: Elkus v. Elkus Opera singer case. 3. Implied contractual obligations between co-habituating couples creates same rights as married couples. * Issue: Upon divorce, will a court treat a co-habituating couple that agreed to share assets the same as a married couple? * Example: Marvin v. Marvin * [NOTE: Implied contracts between co-habituating couples will be enforced. Facts such as each party's conduct and the existence of joint bank accounts are factors in determining if implied contract existed.] ----- Brought to you by - The 'Lectric Law Library The Net's Finest Legal Resource For Legal Pros & Laypeople Alike. http://www.lectlaw.com