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California Community Property Keyed to Carrillo, 11th Ed.
Marriage of Duffy
Citation:
91 Cal. App. 4th 923 (2001)Facts
Vincent and Patricia Duffy were married for 34 years before separating in 1997. Patricia had no financial training and her early attempt at managing the family checkbook was disastrous, after which Vincent took complete charge of finances. When Vincent was terminated from MCA Records after 23 years, he received $157,590.40 in profit-sharing proceeds and 3,901 shares of MCA stock. He rolled the cash into an IRA and later opened brokerage accounts, eventually investing the entire portfolio in Excalibur Technologies stock on his broker’s recommendation. The account value peaked at $611,648 in November 1995 but declined to $261,483 by May 1998. Patricia saw brokerage statements mailed to the house but asked no questions about the investments. She testified that historically when she asked Vincent about money matters, he gave dismissive responses, though she did receive information about some other investments when she inquired.
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