Question: Part IV: Application and Reflection 7. Case Study Imagine a married couple, Alex and Jamie, who are going through a divorce. They own a family

Part IV: Application and Reflection

7. Case Study

Imagine a married couple, Alex and Jamie, who are going through a divorce. They own a family home, two cars, separate retirement accounts, and a jointly-owned small business. Alex lives in a community property state, while Jamie prefers the common law approach for the division of assets.

a. Describe how the division of each major asset might differ under the community property and common law systems.

b. Discuss how tax considerations might play a role in the decisions Alex and Jamie make regarding property division.

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