pjc-family-2024-lib

PJC 202.11

C HARACTERIZATION OF P ROPERTY

If only one item of property is in issue. If the characterization of only one item of property is in issue, the phrase the following item should be substituted for the phrase each of the following items in the foregoing question, the phrase “for each item” should be omitted from the second sentence in the second paragraph, and the word the should be substituted for the word an in the third and fifth sentences of the second paragraph. If corporate form is disputed. Chapter 205, “Disregarding Corporate Form,” includes instructions and questions to be used if a claim has been raised that the corpo rate identity of a corporation should be disregarded. In such a situation, the property at issue—the corporation and its assets—should not be included in the list of items inquired about in the question in PJC 202.11 above; inquiry about this property is made in PJC 205.3 (disregarding corporate identity of corporation owned entirely by spouses). Duplicate inquiries about the corporation and its property could result in conflicting answers. Third-party ownership claims are not covered. The foregoing submission assumes that total ownership of the property is in one or both of the spouses and that no third party is asserting ownership rights. Disputes between the spouses and their creditors or others claiming ownership interests are beyond the scope of this book.

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