Jill is a paralegal who works for Matthew. Matthew is an attorney who represents clients in family law and divorce matters. Matthew is representing Wendy in her divorce from Hal. The court has determined that the total value of Wendy and Hal’s jointly held property is $300,000 and that Wendy and Hal should each receive one-half of all jointly held property. However, the court has also indicated that Wendy should be awarded the family home because she will have primary custody of their two children. Matthew provides Jill with the following list of Wendy and Hal’s jointly held property and asks Jill to determine the most equitable distribution of the property. How should Jill distribute the property?
Asset Value
House $150,000
Family Owned Business $ 75,000
Investment Portfolio $ 50,000
SUV $ 20,000
Checking Account $ 5,000
Explanation
Answer: A - Wendy should be awarded the house, and Hal should be awarded the remaining assets. Because the court indicated the house should go to Wendy as primary custodian of the children, the correct answer must include Wendy receiving the house. Thus, Answer D is incorrect. Of the remaining answer choices, only Answer A can be correct because the combined value of the business, investment portfolio, SUV, and checking account is $150,000, which equals the value of the house.
