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3. Betty was awarded the residence subject to a lien in
favor of petitioner in the amount of $42,000, with interest at
the rate of 6 percent per annum; and
4. Betty was ordered to make payments on the first
mortgage, and petitioner was ordered to make payments on the
second mortgage.
The decree stated: "Notwithstanding the foregoing, the
obligation for maintenance payments shall terminate upon the
death of the wife or upon her remarriage." The decree further
provided: "It is specifically understood and agreed that all
future maintenance payments to the wife shall be deductible by
the husband and taxable to the wife."
The decree continued with a description of Betty’s custody
rights, of petitioner’s visitation rights, and of his support
obligations for the three children. It specified that petitioner
was entitled to claim the children as exemptions for State and
Federal income tax purposes.
The family residence went to Betty subject to the lien of
$42,000 in favor of petitioner payable at the latest by July 1,
1996. The State court ordered that Betty "immediately seek to
re-finance the first mortgage for an amount sufficient to satisfy
the first mortgage and husband’s lien by seeking a 30 year
adjustable rate mortgage." An immediate refinancing did not
occur, however, and the decree’s provisions relating to the
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