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Jim and Nora, residents of a community property state, were married in early 2010.Late in 2010 they separated, and in 2012 they were divorced.Each earned a salary, and they received income from community owned investments in all relevant years.They filed separate returns in 2010 and 2011.
Liability
A legal responsibility or obligation.
Entitlement To Payment
The legal right or claim to receive a specific sum of money.
Dishonor
In legal and financial contexts, dishonor refers to the failure to fulfill an obligation, such as when a check is not honored by a bank due to insufficient funds.
Negotiable Note
A financial instrument containing a promise to pay a certain amount of money, either on demand or at a future date, which is transferable by endorsement.
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