Teresa and Vince, a married couple, have lived in a community property state for the past 15 years. Teresa's mother, a divorce attorney, insisted that the couple execute a prenuptial agreement as to their separate property. Their prenuptial agreement specified that any property owned prior to marriage would remain that person's separate property. They have now accumulated a sizeable estate. Two years ago, Teresa's mother died, and Teresa was the sole beneficiary of her mother's estate. Last month, Vince was transferred to a different branch of his company and the couple relocated to a common law property state. Which one of the following statements is correct regarding Teresa and Vince's assets once they move to the common law property state? A) The property delineated in the prenuptial agreement will remain the parties' separate property, and all other property acquired during the marriage will retain its status as community property. B) The property delineated in the prenuptial agreement will remain the parties' separate property, and all other property acquired during the marriage will retain its community property status, except for Teresa's inheritance from her mother, which is Teresa's separate property. C) All of Teresa and Vince's property will retain its community property status, aside from the property delineated in the prenuptial agreement which will remain the parties' separate property. D) All property owned by the couple will be considered common law property because common law states do not recognize community property status.

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Question #10 of 85

Question ID: 1251755

Teresa and Vince, a married couple, have lived in a community property state for the past 15 years. Teresa's mother, a divorce attorney, insisted that the couple execute a prenuptial agreement as to their separate property. Their prenuptial agreement specified that any property owned prior to marriage would remain that person's separate property. They have now accumulated a sizeable estate. Two years ago, Teresa's mother died, and Teresa was the sole beneficiary of her mother's estate. Last month, Vince was transferred to a different branch of his company and the couple relocated to a common law property state. Which one of the following statements is correct regarding Teresa and Vince's assets once they move to the common law property state?

The property delineated in the prenuptial agreement will remain the parties' separate property, and all other property acquired during the marriage will retain its status as community property.

The property delineated in the prenuptial agreement will remain the parties' separate property, and all other property acquired during the marriage will retain its community property status, except for Teresa's inheritance from her mother, which is Teresa's separate property.

All of Teresa and Vince's property will retain its community property status, aside from the property delineated in the prenuptial agreement which will remain the parties' separate property.

All property owned by the couple will be considered common law property because common law states do not recognize community property status.

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