-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.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011