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Fifteenth Judicial Circuit, in and for Palm Beach County,
dissolved the marriage between petitioner and Katherine S.
Seymour. In connection with their divorce, petitioner and Mrs.
Seymour entered into a Separation and Property Settlement
Agreement on July 17, 1987 (the property settlement agreement),
which was subsequently incorporated into the divorce decree.
The property settlement agreement required that Mrs. Seymour
convey to petitioner the following assets:
A. The wife's Class A and Class B stock in
Pepsi-Cola Bottling Company of Selma, Inc.;
B. The wife's interest in the Pepsi-Cola land
and building located in Selma, Alabama;
C. The wife's interest in the marital homeplace
located at 14732 Palmwood Road, Palm Beach Gardens,
Florida.
Under the terms of the property settlement agreement,
petitioner was required to pay to Mrs. Seymour the sum of
$925,000,2 payable as follows:
2The property settlement agreement also required petitioner
to convey 30 percent of his 25-percent beneficial interest in the
Seymour Trust. Petitioner's 25-percent beneficial interest in
the Seymour Trust had a current value of not less than $563,302.
The property settlement agreement also required petitioner to
assume Mrs. Seymour's debts which, according to petitioner's
calculations, totaled $121,899. Finally, the property settlement
agreement required that petitioner pay $75,000 in attorney's fees
and accounting service fees incurred by Mrs. Seymour incident to
their divorce.
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Last modified: May 25, 2011