Question
Leonardo and Vanessa have been in a common law relationship. They have a son, Noah, age 8. Leonardo currently owns a universal life policy based
Leonardo and Vanessa have been in a common law relationship. They have a son, Noah, age 8. Leonardo currently owns a universal life policy based on his own life with a cash value of $58,000. Leonardo and Vanessa live in an apartment in the city and spend most of their weekends at a cottage that Vanessa inherited from her grandparents 5 years ago. Leonardo and Vanessa have decided to end their relationship. Which of the following statements CORRECTLY describes their rights and obligations upon separation?
a) Leonardos universal life policy is subject to valuation and division of property.
b) Vanessas cottage is subject to valuation and division of property.
c) Leonardo or Vanessa may be entitled to spousal support.
d) Leonardo or Vanessa cannot be held responsible for child support payments.
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