- 4 - whether any of this work constituted improvements that increased their basis in the Burlington property or the amount of any such increase; at the time the property was sold over 20 years later, it was in a deteriorated, run-down condition. In October of 1987, Mr. Bowers and Florence separated, and Mr. Bowers moved out of the Burlington house. He initially rented an apartment in Farmington, Connecticut, for the period from October 7, 1987, to May 7, 1988, for a total rent of $5,250 (or, $750 per month). When Mr. Bowers and Florence were divorced on April 15, 1988, they agreed and the court ordered that: Real property located at 71 Nassahegan Drive, Burlington, Connecticut, and the adjoining lot shall remain with [Florence], as her residence, until sale, remarriage or at such time when the minor children reach the age of 18 years, whichever occurs first. [Florence] will not further encumber the property without [Mr. Bowers'] permission which must be requested and given in writing. An existing mortgage on the aforementioned property held by [Mr. Bowers] in the fact [sic] amount of $50,000.00 will be forgiven at the time of the sale assuming no further encumbrances are added by [Florence].[2] At the time the property is sold or when the youngest child reaches the age of 18 years, or remarriage, whichever occurs first, the property will be sold and the equity shall be shared equally. During the court proceedings regarding this divorce agreement, Mr. Bowers represented that, in addition to the $50,000 mortgage, 2 The U.S. Bankruptcy Court, District of Connecticut, had issued a judgment on July 6, 1987, that this same mortgage was decreed avoided. That judgment was entered in the Burlington land records on July 29, 1988.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011