Fall Conference Scenario by Yvhhs6

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									Fall 2011 Bench/Bar Conference

                  FINANCIAL DECLARATION FACT PATTERN

Case: In re: The Marriage of Jones
Cause Number: 53C09-1110-DR-00001

Overview:

Jack Jones (Jack) and Jane Jones (Jane) were married on October 2, 2000 and separated
on October 3, 2011. Jane filed a Petition for Dissolution of Marriage on October 4, 2011.
Jack and Jane have two children: seven-year-old Jonah Jones (born October 1, 2004, SSN
123-11-1233) and four-year-old Jillian Jones (born November 2, 2007, SSN 123-11-
1234).

Jack and Jane have agreed to a custody and parenting time arrangement for Jonah and
Jillian, as follows: Jack and Jane will share joint legal custody of the children, and will
have shared physical custody of the children with each parent having approximately 183
overnights. Jane will be responsible for the children’s controlled expenses.

The statement date for all of Jack and Jane’s financial information is October 5, 2011.

The last four digits of all account numbers are “1111”.

Jack Jones: Education, Employment, Income, Retirement and Expenses:

Jack Jones (born March 14, 1974) graduated from Indiana University with a Master’s
degree in Elementary Education. He currently teaches third grade at Summit Elementary,
where he earns an annual salary of $45,000. Jack is an active member of the teacher’s
union, and his union dues are $20 per month. Jack also has a non-vested PERF account
through the Monroe County School Corporation valued at $60,000. The monthly payout
value is $500.

Jack has a small amount of personal property, namely, a vintage collection of Marvel
comic books valued at $10,000, two kayaks valued at $250 each, and miscellaneous items
of clothing and jewelry valued at $1,000.

During his free time, Jack likes to dabble in the stock market, and he has a Vanguard
stock portfolio valued at $15,000.

Jack has a cell phone and plan with Verizon, which costs him approximately $100 per
month.

Jack is currently making the mortgage and utility payments on the marital residence, and
he would like to be reimbursed for half of the amount of those payments in the final
decree.



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Jane Jones: Education, Employment, Income and Expenses:

Jane Jones (born October 2, 1975) graduated from Indiana University with a Batchelor’s
degree in Marketing from the Kelley School of Business. Jane is employed full-time as a
marketing consultant for Cook, Inc. Jane’s annual salary is $80,000. Jonah and Jillian
are covered under Jane’s health insurance policy through Cook, and she pays a combined
monthly amount of $50 in health insurance premiums for the children. Jane has an IRA
with Cook valued at $100,000.

Jane has one child from a previous relationship, Lilly (age 15). Lilly lives with her father
Geoff in Greenwich, New York, and Geoff has sole physical custody of Lilly. By
agreement of Geoff and Jane, Jane pays weekly child support of $125. Lilly is also
covered by Jane’s health insurance policy through Cook, and she pays monthly health
insurance premiums for Lilly in an amount of $25.

Jane has a few items of personal property, as follows: an old edition of Chaucer’s The
Canterbury Tales, valued at $750, an antique bedroom set, valued at $5,000, a platinum
ring from her brief engagement to Geoff, valued at $1,000, and miscellaneous items of
clothing and jewelry, valued at $2,000.

After filing the Petition for Dissolution, Jane moved into an apartment at 123 Kirkwood
Avenue, and the children and Jack remained in the marital residence. Jane’s monthly rent
amount is $900, and her monthly cost for utilities is $400.

Jane currently owes $50,000 to NelNet for student loans she incurred while completing
her undergraduate degree at Kelley. Jane’s loan payments are $500 per month.

Jane has a cell phone and plan with Verizon, which costs approximately $75 per month.

Marital/Other Assets:

Real Property and Utilities:

The marital residence is located in Sherwood Oaks at 1111 Oak Tree Lane. The marital
residence was recently appraised and valued at $200,000. The mortgage on the marital
residence is $80,000. Chase Bank is the mortgagee, and the mortgage payments are $600
per month. The mortgage payment includes the insurance and property tax. Both Jack
and Jane are listed on the note and mortgage for the marital residence. The cost for
water, sewer, gas, and electricity for the marital residence totals $500 per month.

Jack and Jane also have a lakefront property on Lake Michigan at 18 Sycamore Drive,
Michigan City, IN valued at $75,000. The lakefront property was a gift to Jack and his
two siblings from his parents prior to the marriage. Jack and Jane would frequently
spend summers at the lake with the children during the marriage. There is no mortgage
on the lakefront property.




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Vehicles:

Jack and Jane own three vehicles: a 2010 Mini Cooper, a 2011 Chevy Highlander, and a
1990 Ford pick-up truck. Jack primarily drives the Highlander, which he purchased last
month for $40,000. The Highlander has 1,000 miles. There is currently $39,000 owing
on the Highlander, and the monthly payment is $400. Jane primarily drives the Mini
Cooper, which has 15,000 miles and a Kelley Blue Book value of $30,000. There is
currently $5,000 owing on the Mini Cooper, and the monthly payment is $300. The
monthly insurance premium on the Mini Cooper is $100, and the monthly insurance
premium on the Highlander is $100. The pick-up truck is old, rusty, and nonfunctioning,
and the parties agree that it is worth a maximum of $250. The pick-up truck has 80,000
miles. The pick-up truck is not insured.

Trust Interest:

Jack and his two siblings are the beneficiaries of the Jehoshaphat Jones Irrevocable Trust.
Jack receives monthly income from the trust interest of approximately $300.

Bank Accounts and Credit Cards:

Jack and Jane have a joint bank account at Chase Bank with a value of $10,000. They
have a joint savings account at Chase valued at $25,000. The joint savings account used
to contain $50,000, but Jane withdrew $25,000 to pay for attorney fees on October 4,
2011, the day she filed the Petition for Dissolution. Jack also has a separate individual
checking account at Monroe Bank valued at $5,000.

Jack and Jane have a joint American Express credit card with a balance of $7,000. Jane
has an individual Banana Republic Luxe credit card with a balance of $3,000.

Life Insurance:

Jack and Jane each have whole life insurance policies through Anthem, with value to
beneficiaries at $150,000, with a $15,000 cash value.

Children’s Education and Extra-Curricular Activities:

During the academic year, Jonah and Jillian attend Montessori, where Jonah is in first
grade and Jillian is in preschool. The annual cost for both children to attend is $10,000.
Because both Jack and Jane work, the children are also enrolled in an aftercare program
at Montessori, which costs an additional $1,000 per year. Jack cares for the children
during the summer, and there is no additional work-related child care cost during the
summer months.

Jonah participates on a youth soccer team through the Sports Plex, which costs $50 per
month. Jillian is enrolled in weekly Saturday morning art classes at the John Waldron
Arts Center, which cost $50 per week.



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