-4-
value of her and Dr. Ibach's net assets to be $1,114,300.3 Thus,
the value of petitioner's and Dr. Ibach's net assets at the date of
their divorce was approximately $1 million.
The divorce decree states in pertinent part:
7. As settlement of all claims the Wife
may have for temporary and permanent alimony,
Husband shall pay to Wife the lump sum of
$500,000.00, with interest at 8% per annum on
the unpaid balance, payable as follows:
One hundred twenty (120) monthly
installments of $6,050.00, and one (1) monthly
installment of $3,016.53. Said monthly
installments shall commence on the 1st day of
June, 1983, and continue on the first day of
each month thereafter for the payment period of
ten (10) years and one (1) month until paid in
full. The parties' intent is that this is lump
sum alimony, payable over a period of more than
ten (10) years as provided in section 71(c),
Internal Revenue Code. Said sum is not subject
to modification, is payable regardless of
Wife's death or remarriage, and shall be
deductible by Husband and taxable to Wife.
Provided, however, any of said lump sum
remaining unpaid at Wife's death shall be paid
into a trust created by Wife for the benefit of
the parties' children, with Husband and a
commercial bank of Wife's choice as co-
trustees. It shall not be a claim against
Husband's estate in the event of his untimely
death, so long as he maintains the life
insurance provided for in paragraph 8 hereof,
and, if not, shall be a claim against his
estate for the unpaid balance.
8. Husband shall, within sixty (60) days
from May 25, 1983, make Wife the sole
beneficiary of $500,000.00 in life insurance in
3 The discrepancy in amounts arises primarily from Dr.
Ibach's reporting total liabilities of $406,000 and petitioner's
reporting total liabilities of $281,000.
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Last modified: May 25, 2011