Assignment:
Discussion
This chapter discusses property and debt solution after divorces. The provided readings have indicated that in some cases, debt, i.e. credit cards, loans, etc can be divided among the former spouses or inherited to the other and the same with land, the home, cars, etc... Meanwhile while just cohabitating or "shacking" there is no legal obligation is the other has ruined their credit but there is a legal obligation if the other tries to run off with the other's car. Yet regarding the home, the other is protected against squatter rights. In essence, you take a gamble when you allow a mate to live in your home. With this being said, what is your stance on the benefiting mate being able to either get half or more during a divorce or allowed to stay in the home during cohabitation gone bad. Do you think there is an alternative to protect yourself from this happening?
In 2 to 3 pages, double space, plus required APA cover page, answer below.
1. List and describe the various forms of ownership of real property.
2. Discuss the difference between marital property from separate property.
3. Explain the concept of property transmutation.
4. Provide examples of the conversion of separate property into marital property.
5. Describe the concepts of equitable distribution and community property.
6. Explain the effect of bankruptcy on a property settlement.