What is considered marital property in a divorce?
What is considered marital property in a divorce?
Marital property includes all property either spouse bought during the marriage. It does not matter whose name is on the title. For example, if a couple bought a home, but only the husband’s name was on the deed, the wife would still be entitled to some of the value of the home if they were to get a divorce.
Who is the obligor in child support?
The obligor is the parent that is required to pay the child support to the other parent, and the obligee, or obliged, is the parent who receives the payment. As a general rule, once a child support amount has accrued, the obligor is required to pay that amount, regardless of circumstances.
What is obligor?
An obligor, also known as a debtor, is a person or entity who is legally or contractually obliged to provide a benefit or payment to another. In a financial context, the term “obligor” refers to a bond issuer who is contractually bound to make all principal repayments and interest payments on outstanding debt.
What is a obligee?
Obligee — a person or organization to whom another party (the “obligor”) owes an obligation.
How do surety bonds work?
At its simplest, a surety bond requires the surety to pay a set amount of money to the obligee if a principal fails to perform a contractual obligation. It also helps principals, typically small contractors, compete for contracts by reassuring customers that they will receive the product or service promised.
What is Prestation In obligation?
1 feudal law : a rent, tax, or due paid in kind or in services (as in return for the lord’s warrant or authority for taking wood) 2 civil law : a performance of something due upon an obligation.
What are the 3 kinds of prestation?
according to the nature of the prestation:
- Personal obligation – the prestation is to do or not to do an act: Positive obligation – to do an act. Negative obligation – not to do an act.
- Real obligation – the prestations is to give or deliver a thing: Determinate obligation – to deliver a determinate thing.
What are the 5 sources of obligation?
Obligations arise from: (1) Law; (2) Contracts; (3) Quasi‐contracts; (4) Acts or omissions punished by law; and (5) Quasi‐delicts. Sources of Obligations Law — when they are imposed by law itself.
What is an alternative obligation?
An obligation is alternative when two things are equally due, under an alternative. Usually, when an obligation is alternative, the choice of the item of performance belongs to the obligor unless it has been expressly or impliedly granted to the oblige.
What is Resolutory condition?
RESOLUTORY CONDITION. On which has for its object, when accomplished, the revocation of the principal obligation; for example, I will sell you my crop of cotton, if my ship America does not arrive in the United States, within six months.
What is a pure obligation?
A pure obligation is one that is demandable at once because it does not depend upon a future or uncertain event, not on a past event unknown to the parties and is not an obligation with a resolutory condition. A simple promissory note to pay certain amount within a certain period is an example of a pure obligation.
