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California Community Property Keyed to Carrillo, 11th Ed.
Marriage of Aufmuth
Citation:
152 Cal. Rptr. 668 (1979)Facts
Marcia and Lawrence Aufmuth married on August 19, 1967, when Lawrence was a law student and part-time clerk and Marcia was a teacher. Marcia worked until February 1969 when their first child was born, after which she became a housewife. The parties secured a student loan to enable Lawrence to complete his third year of law school, with a balance of $1,230.98 remaining at separation. In July 1971, they purchased a family residence for $66,500, using $16,500 from Marcia’s separate property savings account held in trust by her parents as the down payment, and financing the $50,000 balance through a real estate loan. Title was taken in both names as community property. In January 1974, Lawrence became a 5 percent shareholder in a corporate law firm by executing promissory notes totaling $16,300. The parties separated on September 1, 1975, with two children ages four and seven. At trial, Lawrence’s gross salary was $63,000 with net take-home of $37,300 plus quarterly bonuses, and the residence had appreciated to $125,000 in value with a remaining loan balance of $47,000.
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