Discussion Topic: M7D1M7D1
Leonard Hotstuff and Sheldon Cooperative were roommates. Leonard began dating Penny and after several years of dating, they married. Leonard had many expensive paintings he had purchased before the marriage. Before the marriage, Leonard had Penny sign a prenuptial agreement. The agreement provided that any paintings that they owned at the time of their marriage would continue to be their sole property. Any paintings that were acquired after the marriage, title would belong to the spouse whose name appeared on the invoice from the Big Bang Theory Art Gallery or the Physics Auction House. Some of the invoices only listed one spouse; however, the account for both the Big Bang Theory Art Gallery and the Physics Auction House had Leonard and Penny listed as joint account holders.
Unfortunately, Leonard and Penny did not fare so well in their marriage and subsequently divorced. In dissolving the marriage, issues arose as to who had title on several of the paintings and were entitled to payment on those property rights.
- Decide who has title to the paintings and what factors must be considered for determining title. (Focus on the concepts from our textbook regarding title, passage, and risk of loss; not how to divide marital property.)