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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.
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Last modified: May 25, 2011