Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jonas, a successful investment banker earning $400,000 per year, marries Penny, a nurse at a county hospital. While Jonas owns $1 million of real estate

Jonas, a successful investment banker earning $400,000 per year, marries Penny, a nurse at a county hospital. While Jonas owns $1 million of real estate and $1.5 million in securities, Penny has no personal savings or property. After four years, they opt for a divorce. Over the four years of their marriage, Jonas has made $400,000 for the first two years and $500,000 for the remaining two. Penny has made $25,000 in the first three years, and $150,000 in the final year of their marriage. Their living expenses have been $130,000 per year, and they have $1,450,000 saved in a bank account. During the marriage, Jonas's real estate has increased in value to $1.5 million, and securities to $3 million.

If they filed for divorce in a state that recognizes community property, what amount would each receive?

$1,300,000

$2,297,500

$1,050,000

$725,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Law Of Tort

Authors: John Cooke

14th Edition

1292251360, 978-1292251363

More Books

Students also viewed these Law questions

Question

Define Scientific Management

Answered: 1 week ago

Question

Explain budgetary Control

Answered: 1 week ago

Question

Solve the integral:

Answered: 1 week ago

Question

What is meant by Non-programmed decision?

Answered: 1 week ago