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discharged upon death of Plaintiff.
The obligation contained herein
shall survive Defendant's death and
be a lien against his estate.
Defendant shall have no right to
prepay these monthly payments.
* * * * * * *
6.5 The parties intend and agree that
all transfers of property as provided for
herein are subject to the provisions of
Section 1041, Internal Revenue Code of 1954,
as amended, entitled, "Treatment of Transfers
of Property Between Spouses or Incident to
Divorce", and that they shall be accounted for
and reported on his or her respective
individual income tax returns in such a manner
so that no gain or loss shall be recognized as
a result of the division and transfer of
property as provided for herein. Each party
shall file his or her Federal and State tax
returns, and report his or her income and
losses thereon, consistent with the foregoing
intent of reporting the division and transfers
of property as a non-taxable event. * * *
6.6 Plaintiff shall pay, and hold
Defendant harmless from, all Federal and State
income taxes due as a result of the receipt by
her in 1984 and 1985 of temporary spousal
support, and on account of the receipt by her
of unreported income from her separate
property earned during marriage, in excess of
losses, deductions and credits attributable
thereto.
7. Spousal Support Waiver:
The parties acknowledge that as a result
of the funds as and for property division and
the release of marital rights and claims which
Plaintiff is to receive as provided for herein
she has no need for spousal support.
Plaintiff expressly waives her right to
spousal support from Defendant. Defendant
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Last modified: May 25, 2011