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Quit Claim Deed Dissolution

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Quit Claim Deed Dissolution document sample

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									                         Fam. Code 2640
(a) "Contributions to the acquisition of the property," as used in
    this section, include downpayments, payments for
    improvements, and payments that reduce the principal of a
    loan used to finance the purchase or improvement of the
    property but do not include payments of interest on the loan or
    payments made for maintenance, insurance, or taxation of the
    property.
(b) In the division of the community estate under this division,
    unless a party has made a written waiver of the right to
    reimbursement or has signed a writing that has the effect of a
    waiver, the party shall be reimbursed for the party's
    contributions to the acquisition of the property to the extent the
    party traces the contributions to a separate property source.
    The amount reimbursed shall be without interest or adjustment
    for change in monetary values and shall not exceed the net
    value of the property at the time of the division.
                          Fam. Code 2603
(a) "Community estate personal injury damages" as used in this section
    means all money or other property received or to be received by a
    person in satisfaction of a judgment for damages for the person's
    personal injuries or pursuant to an agreement for the settlement or
    compromise of a claim for the damages, if the cause of action for the
    damages arose during the marriage but is not separate property as
    described in Section 781, unless the money or other property has been
    commingled with other assets of the community estate.
(b) Community estate personal injury damages shall be assigned to the
    party who suffered the injuries unless the court, after taking into
    account the economic condition and needs of each party, the time that
    has elapsed since the recovery of the damages or the accrual of the
    cause of action, and all other facts of the case, determines that the
    interests of justice require another disposition. In such a case, the
    community estate personal injury damages shall be assigned to the
    respective parties in such proportions as the court determines to be
    just, except that at least one-half of the damages shall be assigned to
    the party who suffered the injuries.
                                            Hypothetical
      Josh and Amy were married on July 1, 1996, two weeks after Josh received his Ph.D in Biology from
Stanford. Prior to the marriage, Josh had not worked, and Amy was working as a waitress in a local tavern.
Amy had saved $20,000, which she kept in her savings account at Wells Fargo Bank. She also had a Wells
Fargo checking account with a balance of $1000. Josh had $637 in a Bank of America checking account, and
$100,000 in student loans. After the marriage, Josh closed his checking account and his name was added to
Amy’s Wells Fargo accounts. The $637 was used to purchase a new sofa.
      In August 1996, Josh obtained a job with Genentech as a researcher. He received a signing bonus of
$50,000 and an annual salary of $120,000. Josh’s paycheck from Genentech was direct-deposited into the
Wells Fargo checking account. Every month, $2,000 was automatically transferred from the checking
account into the savings account.
      In September 1996, Amy quit her job, and enrolled in a masters program in fine art at U.C. Berkeley.
During the course of the two year program, Amy paid for her tuition and books through student loans which
totaled $50,000. She did not work during those two years.
      In October 1996, Josh and Amy purchased a house in Milpitas for $250,000, paying $50,000 down and
assuming a mortgage for the balance. They signed the deed as joint tenants.
      In June 1998, Amy received her masters degree and simultaneously moved out of the house and filed a
petition for dissolution.
      Josh and Amy were not able to agree on a division of property, and in February 2000, the superior court
conducted a trial to divide their assets and dissolve the marriage. The evidence at trial showed that the house
in Milpitas was worth $500,000, and had a remaining mortgage of $190,000. $5,000 of the mortgage
principal had been paid by Josh out of his earnings between June 1998 and the time of trial. Josh’s remaining
school loan balance was $90,000, Amy owed the entire $50,000, the Wells Fargo checking account had a
balance of $40,000 and the savings account had a balance of $14,000.
                                            Hypothetical
      Josh and Amy were married on July 1, 1996, two weeks after Josh received his Ph.D in Biology from
Stanford. Prior to the marriage, Josh had not worked, and Amy was working as a waitress in a local tavern.
Amy had saved $20,000, which she kept in her savings account at Wells Fargo Bank. She also had a Wells
Fargo checking account with a balance of $1000. Josh had $637 in a Bank of America checking account, and
$100,000 in student loans. After the marriage, Josh closed his checking account and his name was added to
Amy’s Wells Fargo accounts. The $637 was used to purchase a new sofa.
      In August 1996, Josh obtained a job with Genentech as a researcher. He received a signing bonus of
$50,000 and an annual salary of $120,000. Josh’s paycheck from Genentech was direct-deposited into the
Wells Fargo checking account. Every month, $2,000 was automatically transferred from the checking
account into the savings account.
      In September 1996, Amy quit her job, and enrolled in a masters program in fine art at U.C. Berkeley.
During the course of the two year program, Amy paid for her tuition and books through student loans which
totaled $50,000. She did not work during those two years.
      In October 1996, Josh and Amy purchased a house in Milpitas for $250,000, paying $50,000 down and
assuming a mortgage for the balance. They signed the deed as joint tenants.
      In June 1998, Amy received her masters degree and simultaneously moved out of the house and filed a
petition for dissolution.
      Josh and Amy were not able to agree on a division of property, and in February 2000, the superior court
conducted a trial to divide their assets and dissolve the marriage. The evidence at trial showed that the house
in Milpitas was worth $500,000, and had a remaining mortgage of $190,000. $5,000 of the mortgage
principal had been paid by Josh out of his earnings between June 1998 and the time of trial. Josh’s remaining
school loan balance was $90,000, Amy owed the entire $50,000, the Wells Fargo checking account had a
balance of $40,000 and the savings account had a balance of $14,000.

								
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