Irv C. Jaffe - Page 16




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               All dividends earned by the Vanguard Account were credited             
          to the account on a monthly basis, at the end of each month, and            
          were therefore available for enjoyment by both account owners,              
          i.e., Mr. Jaffe and Ms. Jaffe, and subject to equitable                     
          distribution, up to the date of the divorce.8  On the date of the           
          divorce, dividends totaling $11,497.31 had been credited to the             
          Vanguard Account since the beginning of 1994.  Since Mr. Jaffe              
          and Ms. Jaffe each owned and enjoyed a one-half interest in the             
          Vanguard Account up to the date of divorce, both Mr. Jaffe and              
          Ms. Jaffe, equally, earned the subject $11,497.31 in dividends.             
          Up to the date of the divorce, both Mr. Jaffe and Ms. Jaffe,                


          7(...continued)                                                             
          marriage is presumed to be marital property regardless of whether           
          title is held individually or by the parties in some form of co-            
          ownership such as joint tenancy, tenancy in common or tenancy by            
          the entirety."  Id. sec. 3501(b).  This section provides further            
          that the presumption of marital property may be overcome by                 
          showing that the property was acquired by any of certain methods,           
          including those listed as (1) through (4) above.                            
          8                                                                           
               Mr. Jaffe argued that the Vanguard Account was not available           
          for his enjoyment in 1994 due to the Court of Common Pleas'                 
          freezing the assets of such account.  Mr. Jaffe's argument                  
          overlooks the fact that the Vanguard Account was held by him and            
          Ms. Jaffe as tenants by the entirety, thereby affording each                
          spouse a right of survivorship over the assets of the account.              
          Thus, had Ms. Jaffe died prior to the issuance of the divorce               
          decree, exclusive ownership and enjoyment of the entire balance             
          of the Vanguard Account would have passed to Mr. Jaffe by                   
          operation of law, and vice versa.  Both Mr. Jaffe and Ms. Jaffe             
          maintained ownership and enjoyment of the Vanguard Account,                 
          despite the freezing of assets by the Court of Common Pleas,                
          until such time as the tenancy by the entirety was severed by the           
          divorce decree.                                                             




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