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district court concluded and found, as stated in the divorce
decree:
Because in this case * * * [petitioner and Mr.
Gibbs] have worked extremely hard and have contributed
their joint efforts towards the accumulation of
property, it is the feeling of the court that an equal
division of their property is justified. * * * [Mr.
Gibbs] should certainly retain ownership of the
SuperAmerica station. He should, however, pay to * * *
[petitioner] a sum of money sufficient to essentially
equalize the property division. To equalize the
division, * * * [Mr. Gibbs] should pay to * * *
[petitioner] the sum of $122,500. It would be
extremely difficult for * * * [Mr. Gibbs] to pay said
money in cash, and, consequently, the decree will
provide for payment of $22,500 at this time with the
balance to be paid over a ten-year period, with
interest at 9 percent. Equal installments of $15,583
will be required and will be ordered to be paid
annually. To secure said payments, * * * [Mr. Gibbs]
shall provide * * * [petitioner] with a mortgage on the
property. [Emphasis added.]
Based upon the foregoing conclusions and findings, in the
divorce decree, the district court ordered:
[Mr. Gibbs] shall pay * * * [petitioner] the sum of
$122,500. Payment shall be $22,500 on or before March
15, 1990, with the balance to be paid in ten
installments of $15,583 each, the first of which will
be due March 15, 1991, with payments continuing
annually for nine years, making ten installment
payments in all. * * * [Petitioner's] attorney shall
prepare a note evidencing said payments and a mortgage
covering the SuperAmerica property, which shall be
executed by * * * [Mr. Gibbs] and delivered to * * *
[petitioner's] attorney.
In accordance with the divorce decree, in each of the years
in issue, Mr. Gibbs paid $15,583 to petitioner. The parties
stipulated that the payments consisted of the following:1
1 We note that the sum of the interest and principal for
each year does not equal $15,583. We assume that the $1
discrepancy is the result of rounding.
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