- 16 - 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.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011