- 3 - Under the terms of the agreement, petitioner was entitled to receive $385,000, representing the value of her share of the marital assets. Under the agreement, of the total $385,000, petitioner was to receive $235,000 in cash immediately after the divorce, and petitioner was to receive the remaining $150,000 through a series of 5 annual installments of $30,000, plus interest of 5.5 percent per year on the unpaid balance. To secure payment of the installment payments that were due, petitioner received a mortgage on real estate owned by petitioner’s ex-spouse. The language from the agreement relating to the mortgage stated as follows: A mortgage in the amount of $150,000 shall be recorded against the real estate * * * which mortgage shall bear interest at the rate of 5.5% and shall be paid in annual installments of $30,000 plus all accrued interest over a period of five (5) years, each payment falling due on the anniversary date of this Agreement. Under the agreement, petitioner’s ex-spouse was also liable for all attorney’s fees incurred by petitioner in enforcing payment of amounts due under the agreement. As part of the property settlement agreement, petitioner and her ex-spouse each agreed to relinquish any rights they then owned in property held by the other spouse.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011