Classifying Special Types of Marital Property

This lesson considers the special classification issues associated with pensions, professional licenses and goodwill, personal injury and workers' compensation awards, and life insurance. The student should have a general understanding of the distinction between marital and separate property before working this lesson. The lesson can be used as an introduction to or review of the materials covered. It also works well as an independent lesson.

Learning Outcomes

On completion of the lesson, the student will be able to:

1. Explain the way courts classify special types of marital property that may include pensions, professional licenses and goodwill, personal injury and workers' compensation awards, and life insurance.
2. Describe two types of pension plans: "Defined Contributions Plans" and "Defined Benefits Plans."
3. Discuss how courts generally consider only that portion of the pension earned during the marriage to be marital property.
4. Define the two types of life insurance, and discuss how to determine if they are marital property.