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New Jersey. The home has a swimming pool. Mr. and Mrs. Walker
own the home jointly. They paid the $72,000 purchase price for
the Cherry Hill home using proceeds from the sale of the prior
home which they owned and through obtaining a $40,000 20-year
mortgage loan.
Mr. and Mrs. Walker used the Cherry Hill home as their principal
residence from 1969 through about 1989, and have continued to own it
through the time of the trial. In 1980, Mr. and Mrs. Walker paid about
$50,000 to renovate and remodel the kitchen of their Cherry Hill home.
In 1974, Mr. and Mrs. Walker jointly acquired a vacation home at
the Jersey shore in Stone Harbor, New Jersey, which abuts the
shoreline of a bay. The home was built for them during 1973 and 1974.
They did not obtain a mortgage loan to acquire the Stone Harbor
property, but paid the full $125,000 purchase price for the property
in installments over the course of the home's construction. Until
about 1989, the home was used exclusively by them and their family as
a vacation home, and was not rented out to others. From 1990 through
the time of trial, the Stone Harbor home has been used as Mr. and Mrs.
Walker's principal residence.
During 1978 through 1981, both the Cherry Hill and Stone Harbor
homes were nicely furnished. Mr. and Mrs. Walker purchased some
furnishings for the homes during 1978 through 1981, including
furnishings purchased when the kitchen of their Cherry Hill home was
remodeled in 1980.
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